Section 34.20.120. Substitution of trustee.

   (a) The trustee under a trust deed upon real property given to secure an obligation to pay money and conferring no duties upon the trustee other than the duties that are incidental to the exercise of the power of sale conferred in the deed may be substituted by recording in the mortgage records of the recording district in which the property is located a substitution executed and acknowledged by
        (1) all the beneficiaries under the trust deed, or their successors in interest; or
        (2) the attorneys for all of the beneficiaries or the attorneys for all of the beneficiaries' successors in interest.
   (b) The substitution must contain
        (1) the date of execution of the trust deed;
        (2) the names of the trustee, trustor, and beneficiary, and, if the substitution is executed by the attorney for the beneficiary or successor in interest to the beneficiary, the name, address, and Alaska Bar Association identification number of the attorney;
        (3) the book and page where the trust deed is recorded or the serial number assigned to the trust deed by the recorder;
        (4) the name of the new trustee; and
        (5) an acknowledgment signed and acknowledged by the trustee named in the trust deed of a receipt of a copy of the substitution, or an affidavit of service of a copy of it.
   (c) From the time the substitution is filed for record, the new trustee succeeds to all the powers, duties, authority, and title of the trustee named in the deed of trust.
   (d) When a title insurance company authorized to do business by a certificate of authority granted under AS 21.66 has been purchased by, merged into, or consolidated with, or has transferred all or substantially all of its business assets to, another authorized title insurance company, the surviving or successor company, by operation of law, succeeds to the duties of the predecessor company granted to that predecessor as trustee in any trust deed described in (a) of this section.

Notes

History

(Sec. 22-5-6 ACLA 1949; added by Sec. 4 ch 116 SLA 1957; am Sec. 19 ch 70 SLA 1964; am Sec. 1 ch 79 SLA 1977; am Sec. 42 ch 35 SLA 2003; am Sec. 11, 12 ch 62 SLA 2010)