89-1-63 - Deed of trust or mortgage; power of sale; relationship of trustee to other party to deed of trust; beneficiary may purchase at sale made under power of sale; appointment or substitution of t
§ 89-1-63. Deed of trust or mortgage; power of sale; relationship of trustee to other party to deed of trust; beneficiary may purchase at sale made under power of sale; appointment or substitution of trustee by beneficiary.
(1) A deed of trust or mortgage may be in the form of a conveyance, to the end, before the words "witness my signature," and then as follows, viz.:
"In trust to secure (here state what is secured, and all the necessary provisions).
Witness my signature, the ________ day of ________________, A.D. ________.
________________"
(2) Notwithstanding the form of conveyance, any deed of trust or mortgage which has been made or shall hereafter be made may confer on the trustee or mortgagee and their successors, assignees and agents the power of sale. Furthermore, any person may be appointed and may perform the duties of the trustee in a deed of trust, and such person shall not be disqualified nor shall the acts of such person be invalid because of the relationship of such person to any other party to the deed of trust. The beneficiary of a deed of trust or the mortgagee of a mortgage may purchase at any sale which has been made or shall hereafter be made under a power of sale, and any such sale shall not be invalid because of the relationship of such person to any other party to the deed of trust.
(3) The beneficiary or holder of any deed of trust, including his agents, employees, successors, assigns, attorneys-in-fact or other legal representatives, may appoint a trustee or substitute a trustee, with or without the permission of the mortgagor or mortgagors. The trustee or substitute trustee so appointed may be a natural person, partnership, corporation, limited liability company, professional association or any other legal entity.
Sources: Codes, 1892, § 2483; 1906, § 2820; Hemingway's 1917, § 2321; 1930, § 2132; 1942, § 853; Laws, 1990, ch. 489, § 1; Laws, 2007, ch. 383, § 1, eff from and after passage (approved Mar. 15, 2007.)