California Civil Code

§ 2934a

CIV § 2934a Effective Jan 1, 2020Div. 3 · Title 14 · Part 4 · Ch. 2 · Art. 1

Statute text

(a)(1) The trustee under a trust deed upon real property or an estate for years given to secure an obligation to pay money and conferring no other duties upon the trustee than those which are incidental to the exercise of the power of sale therein conferred, may be substituted by the recording in the county in which the property is located of a substitution executed and acknowledged by either of the following:

(A)All of the beneficiaries under the trust deed, or their successors in interest, and the substitution shall be effective notwithstanding any contrary provision in any trust deed executed on or after January 1, 1968.

(B)The holders of more than 50 percent of the record beneficial interest of a series of notes secured by the same real property or of undivided interests in a note secured by real property equivalent to a series transaction, exclusive of any notes or interests of a licensed real estate broker that is the issuer or servicer of the notes or interests or of any affiliate of that licensed real estate broker.

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Legislative history

Amended by Stats. 2019, Ch. 474, Sec. 1. (SB 306) Effective January 1, 2020.