Print Friendly SENATE BILL NO. 1054 – Trust deeds, real property
SENATE BILL NO. 1054
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S1054......................................................by STATE AFFAIRS
TRUST DEEDS - Amends existing law to further define the term "real
property" for purposes of trust deeds.
01/26 Senate intro - 1st rdg - to printing
01/29 Rpt prt - to St Aff
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-ninth Legislature First Regular Session - 2007
IN THE SENATE
SENATE BILL NO. 1054
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO TRUST DEEDS; AMENDING SECTION 45-1502, IDAHO CODE, TO FURTHER
3 DEFINE THE TERM "REAL PROPERTY" FOR PURPOSES OF TRUST DEEDS AND TO MAKE A
4 TECHNICAL CORRECTION; AND DECLARING AN EMERGENCY.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 45-1502, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 45-1502. DEFINITIONS -- TRUSTEE'S CHARGE. As used in this act:
9 (1) "Beneficiary" means the person named or otherwise designated in a
10 trust deed as the person for whose benefit a trust deed is given, or his suc-
11 cessor in interest, and who shall not be the trustee.
12 (2) "Grantor" means the person conveying real property by a trust deed as
13 security for the performance of an obligation.
14 (3) "Trust deed" means a deed executed in conformity with this act and
15 conveying real property to a trustee in trust to secure the performance of an
16 obligation of the grantor or other person named in the deed to a beneficiary.
17 (4) "Trustee" means a person to whom the legal title to real property is
18 conveyed by trust deed, or his successor in interest.
19 (5) "Real property" means any right, title, interest and claim in and to
20 real property owned by the grantor at the date of execution of the deed of
21 trust or acquired thereafter by said grantor or his successors in interest.
22 Provided, nevertheless, real property as so defined which may be transferred
23 in trust under this act shall be limited to either (a) any real property
24 located within an incorporated city or village at the time of the transfer, or
25 (b) any real property not exceeding forty one hundred ( 4100) acres, regardless
26 of its location, and in either event where the trust deed states that the real
27 property involved is within either of the above provisions, such statement
28 shall be binding upon all parties and conclusive as to compliance with the
29 provisions of this act relative to the power to make such transfer and trust
30 and power of sale conferred in this act.
31 (6) The trustee shall be entitled to a reasonable charge for duties or
32 services performed pursuant to the trust deed and this chapter, including com-
33 pensation for reconveyance services notwithstanding any provision of a deed of
34 trust prohibiting payment of a reconveyance fee by the grantor or beneficiary,
35 or any provision of a deed of trust which limits or otherwise restricts the
36 amount of a reconveyance fee to be charged and collected by the trustee. A
37 trustee shall be entitled to refuse to reconvey a deed of trust until the
38 trustee's reconveyance fees and recording costs for recording the reconveyance
39 instruments are paid in full. The trustee shall not be entitled to a foreclo-
40 sure fee in the event of judicial foreclosure or work done prior to the
41 recording of a notice of default. If the default is cured prior to the time of
42 the last newspaper publication of the notice of sale, the trustee shall be
43 paid a reasonable fee.
1 SECTION 2. An emergency existing therefor, which emergency is hereby
2 declared to exist, this act shall be in full force and effect on and after its
3 passage and approval.
STATEMENT OF PURPOSE
This measure would raise the number of acres from 40 to 100 to
qualify for deed of trust financing.
Name: Clint Stennett
STATEMENT OF PURPOSE/FISCAL NOTE S 1054