substitute trustee


Also found in: Acronyms.

substitute trustee

The naming of a successor trustee under a deed of trust for real property. Typically, the lender does not name a substitute trustee until immediately before foreclosure. A review of local real estate records for substitute trustee filings may give advance notice of opportunities to invest in foreclosure properties.

References in periodicals archive ?
The property is being sold pursuant to a foreclosure auction under the direction of Sam Beale, Substitute Trustee.
The IRS ruled that it was irrelevant that the substitute trustees were close relatives of the disclaimant.
79-353,(47) the IRS concluded that the beneficiaries of a trust giving broad discretionary powers of invasion to the trustee will be deemed holders of a general power of appointment if they have the unrestricted ability to remove and substitute trustees.