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  • 34.3: Priority, Termination of the Mortgage, and Other Methods of Using Real Estate as Security
    https://biz.libretexts.org/Bookshelves/Civil_Law/Book3A_Law_for_Entrepreneurs/34%3A_Mortgages_and_Nonconsensual_Liens/34.03%3A_Priority_Termination_of_the_Mortgage_and_Other_Methods_of_Using_Real_Estate_as_Security
    The borrower conveys the land to a third party, the trustee, to hold in trust for the lender until the borrower pays the debt. (The trustee’s interest is really a kind of legal fiction: that person is...The borrower conveys the land to a third party, the trustee, to hold in trust for the lender until the borrower pays the debt. (The trustee’s interest is really a kind of legal fiction: that person is expected to have no interest in the property.) The primary benefit to the deed of trust is that it simplifies the foreclosure process by containing a provision empowering the trustee to sell the property on default, thus doing away with the need for any court filings.
  • 6.1.3: Priority, Termination of the Mortgage, and Other Methods of Using Real Estate as Security
    https://biz.libretexts.org/Courses/Sacramento_City_College/RE_320%3A_My_RE_Finance_Textbook_(Shull)/06%3A_Ethics_and_Consumer_Protection/6.01%3A_Ethics-__Fair_Credit_Reporting___(Foreclosure)/6.1.03%3A_Priority_Termination_of_the_Mortgage_and_Other_Methods_of_Using_Real_Estate_as_Security
    The borrower conveys the land to a third party, the trustee, to hold in trust for the lender until the borrower pays the debt. (The trustee’s interest is really a kind of legal fiction: that person is...The borrower conveys the land to a third party, the trustee, to hold in trust for the lender until the borrower pays the debt. (The trustee’s interest is really a kind of legal fiction: that person is expected to have no interest in the property.) The primary benefit to the deed of trust is that it simplifies the foreclosure process by containing a provision empowering the trustee to sell the property on default, thus doing away with the need for any court filings.

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