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Substitution of Trustee
The "Substitution of Trustee" document is utilized when the
beneficiary (lender) determines a need to change the trustee under a
recorded deed of trust. The trustee, if a corporation, may be
"winding up" its affairs and ceasing to carry on its business; or if an
individual, may become incapacitated or deceased, which would
necessitate the substitution of a new trustee. In some instances, the
substitution may be made by the beneficiary when the trustee
declines to act in its fiduciary capacity. Regardless of the
circumstances, the trustee does not have to agree to step aside.
Substitution of Trustee and Full Reconveyance
A "Substitution of Trustee and Full Reconveyance" is a document
that combines the functions of a "Substitution of Trustee" document
and a "Full Reconveyance" document. A Substitution of Trustee
and Full Reconveyance is normally used when a deed of trust is
assigned to a new beneficiary who wishes to substitute itself as
trustee and at the same time record a full reconveyance.
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