many states, this document is used in place of a mortgage
to secure the payment of a note.
in many states in lieu of a mortgage to secure the payment of a note.
In a deed of trust there are three parties - the borrower, the trustee,
and the lender, (or beneficiary). In such a transaction, the borrower
transfers the legal title for the property to the trustee who holds the
property in trust as security for the payment of the debt to the lender
or beneficiary. If the borrower pays the debt as agreed, the deed of trust
becomes void. If, however, he/she defaults in the payment of the debt,
the trustee may sell the property without a court proceeding.