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ID H0550
Bill
AI Summary
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Trustee's deed becomes effective as of the date and time of sale if recorded within 15 days after sale or the first business day following the fifteenth day if the county recorder's office is closed on that date.
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When a trustee's sale is invalid due to automatic bankruptcy stay provisions, court stay orders, or other reasons, recording a notice of rescission restores record title and lien priority to their status prior to the trustee's deed recordation.
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Only the trustee or beneficiary who caused the trustee's deed to be recorded, or their successor in interest, may record a notice of rescission.
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Notice of rescission must identify the deed of trust, recording instrument numbers or book and page references, names of all grantors/trustors/beneficiaries, property location, and reason for rescission in a prescribed form.
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The rescission notice restores the deed of trust to full force and effect and declares the trustee's deed null and void with no force or effect.
Legislative Description
Amends existing law relating to trust deeds to specify the effective date of a trustee's deed and to provide a procedure to restore the condition of record title to the real property described in a trustee's deed and the existence and priority of all lienholders to the status quo prior to the recordation of the trustee's deed upon sale when the trustee's sale is invalid for certain reasons.
TRUST DEEDS
Last Action
Governor signed Session Law Chapter 249 Effective: 07/01/10
4/8/2010