§ 76-1004 — Successor trustee; appointment by beneficiary; effect; substitution of trustee; recording; form

Nebraska § 76-1004

• Jurisdiction: Nebraska
• Ch. 76: Real Property

Text

(1)
The beneficiary may appoint a successor trustee at any time by filing for
record in the office of the register of deeds of each county in which the
trust property or some part thereof is situated a substitution of trustee.
From the time the substitution is filed for record, the new trustee shall
succeed to all the power, duties, authority, and title of the trustee named
in the deed of trust and of any successor trustee.
(2) The substitution shall identify the trust deed by stating the names
of the original parties thereto, the date of recordation, the full legal description
of the realty affected, and the book and page or computer system reference
where the trust deed is recorded, shall state the name of the new trustee,
and shall be executed and acknowledged by all of the beneficiaries under the
trust deed or their successors in interest.
(3) The recorded substitution shall also contain or have attached to
it an affidavit that a copy of the substitution has, by regular United States
mail with postage prepaid, been mailed to the last-known address of the trustee
being replaced or an affidavit of personal service of a copy thereof or of
publication of notice thereof, which notice shall be published one time in
a newspaper having general circulation in any county in which the trust property
or some part thereof is situated.
(4) Any affidavit contained in or attached to the substitution shall
constitute prima facie evidence of the facts required to be stated and conclusive
evidence of such facts as to bona fide purchasers and encumbrancers for value
of the trust property or of any beneficial interest in the trust deed.
(5) On and after April 3, 1997, no recorded substitution filed for record
shall be required to contain or have attached to it an affidavit pursuant
to subsection (3) of this section, and any recorded substitution filed for
record without containing or having attached to it an affidavit pursuant to
such subsection prior to April 3, 1997, shall not be deemed incomplete or
defective because such affidavit was not contained therein or attached.
(6) On and after March
4, 2010, there shall be no requirement for a beneficiary, in connection with
the recording of the substitution of trustee, to provide notice of the substitution
by mail, personal service, publication, or in any other manner to the trustee
being replaced, and any recorded substitution filed for record prior to March
4, 2010, without having provided such notice, shall not be deemed incomplete
or defective because such notice was not provided.
(7) A substitution of trustee shall be sufficient
if made in substantially the following form:
Substitution of Trustee
(insert name and address of new trustee)
is hereby appointed successor trustee under the trust deed executed
by ............... as trustor, in which .............. is named beneficiary
and ............... as trustee, and filed for record ........, 20...., and
recorded in book ......, page ........ (or computer system reference ........),
Records of ......... County, Nebraska. The trust property affected is legally
described as follows:
..................................................................
..................................................................
..................................................................
..................................................................
Signature ........................

Legislative History

Source: Laws 1965, c. 451, § 4, p. 1424; Laws 1984, LB 679, § 18; Laws 1989, LB 334, § 1; Laws 1993, LB 547, § 1; Laws 1995, LB 288, § 2; Laws 1997, LB 284, § 1; Laws 2004, LB 813, § 28; Laws 2010, LB738, § 1.