TITLE 45

LIENS, MORTGAGES AND PLEDGES

CHAPTER 15

TRUST DEEDS

45-1504.  Trustee of trust deed — Who may serve — Successors. (1) The trustee of a trust deed under this act shall be:

(a)  Any member of the Idaho state bar;

(b)  Any bank or savings and loan association authorized to do business under the laws of Idaho or the United States;

(c)  An authorized trust institution having a charter under chapter 32, title 26, Idaho Code, or any corporation authorized to conduct a trust business under the laws of the United States; or

(d)  A licensed title insurance agent or title insurance company authorized to transact business under the laws of the state of Idaho.

(2)  The trustee may resign at its own election or be replaced by the beneficiary. The trustee shall give prompt written notice of its resignation to the beneficiary. The resignation of the trustee shall become effective upon the recording of the notice of resignation in each county in which the deed of trust is recorded. If a trustee is not appointed in the deed of trust, or upon the resignation, incapacity, disability, absence, or death of the trustee, or the election of the beneficiary to replace the trustee, the beneficiary shall appoint a trustee or a successor trustee. Upon recording the appointment of a successor trustee in each county in which the deed of trust is recorded, the successor trustee shall be vested with all powers of an original trustee.

History:

[45-1504, added 1957, ch. 181, sec. 4, p. 345; am. 1969, ch. 155, sec. 1, p. 482; am. 1983, ch. 190, sec. 2, p. 515; am. 2005, ch. 236, sec. 3, p. 726.]