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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 villageat the time of the transfer, or 25 (b) any real property not exceeding fortyone 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. 2 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 RS 16668 This measure would raise the number of acres from 40 to 100 to qualify for deed of trust financing. FISCAL NOTE None. Contact Name: Clint Stennett Phone: 332-1351 STATEMENT OF PURPOSE/FISCAL NOTE S 1054