{"id":740,"date":"2019-09-10T13:25:41","date_gmt":"2019-09-10T17:25:41","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=740"},"modified":"2024-04-25T23:20:33","modified_gmt":"2024-04-26T03:20:33","slug":"you-have-one-job-the-narrow-duty-of-a-trustee-under-a-deed-of-trust","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/you-have-one-job-the-narrow-duty-of-a-trustee-under-a-deed-of-trust\/","title":{"rendered":"You Have One Job: The Narrow Duty of a Trustee Under a Deed of Trust"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/09\/narrow-duty-of-a-trustee-under-a-deed-of-trust-1024x538.jpg\" alt=\"Image of a person in a business suit standing in front of stairs to a building. Captioned: You Have One Job: The Narrow Duty of a Trustee Under a Deed of Trust\" class=\"wp-image-741\" width=\"512\" height=\"269\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/09\/narrow-duty-of-a-trustee-under-a-deed-of-trust-1024x538.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/09\/narrow-duty-of-a-trustee-under-a-deed-of-trust-300x158.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/09\/narrow-duty-of-a-trustee-under-a-deed-of-trust-768x403.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/09\/narrow-duty-of-a-trustee-under-a-deed-of-trust.jpg 1080w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">In states\nusing <a href=\"https:\/\/www.deeds.com\/articles\/what-is-a-deed-of-trust\/\">deeds\nof trust<\/a>, a&nbsp;<em>trustee<\/em>&nbsp;is\na third party who holds&nbsp;legal title to a property until the homebuyer or\ncommercial developer pays off a&nbsp;loan associated with the parcel\u2014or until\nthe borrower defaults.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When a\nstate&#8217;s law&nbsp;allows for deeds of trust as instruments to hold&nbsp;legal\ntitle to a&nbsp;property:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A lender financing the sale or development can easily exercise the right to foreclose.  <\/li><li>Foreclosure occurs not through the court, but under the <em>power of sale clause<\/em> in the deed of trust. (This allowance for non-judicial foreclosure differentiates deeds of trusts from mortgages and some land contracts.)<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The main\nthrust&nbsp;is to lower&nbsp;risk for&nbsp;lenders. Perhaps it&#8217;s no\nwonder&nbsp;that&nbsp;deed of trust states rarely go to bat for a\nborrower&nbsp;fighting foreclosure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this\nanalysis, we&#8217;ll look at the trustee&#8217;s narrow liability&nbsp;under the deed of\ntrust&nbsp;(not to be confused with a <em>living\ntrust<\/em>, in which a&nbsp;trustee must comport with&nbsp;exacting\nfiduciary duties<em>.<\/em>)&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ll also\nreview&nbsp;a recent case in point, involving a commercial borrower in\nCalifornia.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally,\nwe&#8217;ll look at the exception that proves the rule: North Carolina.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Scope\nof Duties Under a Deed of Trust<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Following\nstate law, a trustee might be a bank,&nbsp;a title company, or an individual.\nIn theory, the&nbsp;trustee is an impartial third party. Following&nbsp;the\ncustomary practice in most states, though, the lender&nbsp;selects the trustee,\nso it&#8217;s typically&nbsp;a lawyer representing the lender.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Where that\ncustom prevails, the trustee under a deed of trust is simply an\nagent,&nbsp;holding title&nbsp;on behalf of the lending company.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under a deed of trust, <a href=\"https:\/\/scholar.google.com\/scholar_case?case=15106966737085688785&amp;hl=en&amp;as_sdt=2006\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">courts have held<\/a>, the trustee has one job.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If the borrower satisfies the loan: reconvey the deed of trust to the borrower.<\/li><li>If the borrower defaults: foreclose.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Foreclosure can,\nof&nbsp;course, be met with&nbsp;resistance from the borrower. Yet the trustee\ncannot be liable for wrongful foreclosure&nbsp;based on supposed duties\nthat&nbsp;no state law and&nbsp;no contract has created.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Recent\nCase Law Illustrates The Limits of the Trustee&#8217;s Obligations<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Recent case law in California\u2014specifically\u00a0<em><a href=\"https:\/\/scholar.google.com\/scholar_case?case=9175662836075057679&amp;hl=en&amp;as_sdt=2006\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Citrus El Dorado, LLC v. Chicago Title Co.<\/a><\/em>\u2014illustrates just how narrow the trustee&#8217;s duties are under\u00a0a deed of trust.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, who is\nCitrus El Dorado, and why did they sue the Chicago Title Company?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Citrus El\nDorado, LLC was the&nbsp;real estate&nbsp;developer that bought a parcel of\nopen land in&nbsp;California.&nbsp;To cover construction costs, First Heritage\nBank lent Citrus more than $13 million, accessible in partial&nbsp;draws as\nconstruction&nbsp;progressed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The money\nwas secured by a deed of trust on the land.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Heritage\nbegan funding the project. Construction started&nbsp;as planned.\nAlas,&nbsp;First Heritage was an unsuccessful bank. It ended up in a&nbsp;Federal\nDeposit Insurance Corporation (FDIC) receivership. The FDIC funded several\nCitrus construction draws and reassigned the loan to Stearns Bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead of\nfunding the draws as expected, Stearns Bank in 2009 issued a Notice of Default\nagainst Citrus El Dorado, demanding a payoff, and stating that the developer\nhad no right to cure the default. The Chicago Title Company, as the new\ntrustee,&nbsp;recorded a Substitution of Trustee and named&nbsp;a new lender\nand beneficiary of the trust deed:&nbsp;FNBN Rescon I, LLC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In\n2014,&nbsp;the&nbsp;Chicago Title Company recorded a new default notice,\nfollowed by a Notice of Sale. Nonjudicial foreclosure took place in\nMarch&nbsp;2015.&nbsp;The Chicago Title Company then recorded the Trustee\u2019s\nDeed and conveyed the property to&nbsp;Rescon.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Wrongful\nForeclosure? Tell It to the Judge.&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Citrus El\nDorado went to court, to sue&nbsp;Chicago Title&nbsp;for wrongful\nforeclosure.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Citrus&nbsp;claimed:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The trustee, Chicago Title, failed to verify Rescon as a valid loan assignee.<\/li><li>Chicago Title failed to verify the authority of the person who signed the Substitution of Trustee form\u2014under which Chicago Title became the trustee.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The court\ndecided against the developer on both counts. It held that the trustee for a\ndeed of trust has no obligation to verify the validity of a loan assignment or\nto check that&nbsp;an authorized&nbsp;party signed for a Substitution of\nTrustee before foreclosing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Case\ndismissed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Citrus El\nDorado decided to appeal\u2014and lost again.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cases\nHolding the Trustee Liable are Few and Far Between<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">California <a href=\"https:\/\/scholar.google.com\/scholar_case?case=9884193071456920153&amp;hl=en&amp;as_sdt=2006\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">case law<\/a>\u00a0holds trustees and loan beneficiaries responsible for\u00a0wrongful foreclosure if they use a\u00a0deed of trust to effect an \u201cillegal, fraudulent, or willfully oppressive&#8221;\u00a0sale. Yet cases that hold the\u00a0trustee liable are few and far between.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The\nCalifornia Courts&#8217;&nbsp;reluctance to hold the trustee responsible in&nbsp;<em>Citrus El Dorado<\/em> is based\non these stated&nbsp;reasons:<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The trustee in a deed of trust scenario is not a &#8220;true trustee&#8221; with fiduciary duties.<\/li><li>The trustee\u2019s role under a deed of trust is passive. <\/li><li>The trustee for a deed of trust simply performs an agency role for the parties.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yet\nthe <em>Citrus El Dorado&nbsp;<\/em>case\ndid indicate certain responsibilities that the trustee should be mindful not to\nbreach:<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The deed of trust should recite its compliance with all state statutory requirements, including notice, for the process of foreclosure.<\/li><li>If a trustee by its own actions effectively assumes duties (such as communication with the borrower), the trustee should not drop those duties.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Winds\nof Change? In North Carolina,&nbsp;Trustees May Not Represent&nbsp;Lenders<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In\u00a02017, North Carolina passed a law that makes life just a little harder for lenders. <a href=\"https:\/\/www.ncleg.net\/EnactedLegislation\/Statutes\/HTML\/ByChapter\/Chapter_45.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The lender&#8217;s\u00a0attorney may not serve as foreclosure trustee<\/a>. The trustee\u00a0must be neutral and\u00a0diligent when carrying out a foreclosure. That idea is supported where the\u00a0foreclosure trustee and the lender\u2019s attorney are two different parties.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;An\nattorney who serves as trustee or substitute trustee,&#8221; the new law\ndirects, shall represent neither the lender&nbsp;nor&nbsp;the borrower.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In short,\nthe&nbsp;duties&nbsp;of a trustee under&nbsp;a deed of trust are a study in\nminimalism\u2014except when a&nbsp;state bar ethics committee shifts the playing\nfield, as North Carolina&#8217;s did.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Time will\ntell if North Carolina is a trendsetter in foreclosure law.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In states using deeds of trust, a&nbsp;trustee&nbsp;is a third party who holds&nbsp;legal title to a property until the homebuyer or commercial developer pays off a&nbsp;loan associated with the parcel\u2014or until the borrower defaults. When a state&#8217;s law&nbsp;allows for deeds of trust as instruments to hold&nbsp;legal title to a&nbsp;property: A lender financing the sale or development [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[96,106],"tags":[],"class_list":["post-740","post","type-post","status-publish","format-standard","hentry","category-deed-of-trust","category-trustee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>You Have One Job: The Narrow Duty of a Trustee Under a Deed of Trust - 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