Substitute trustee financial definition of substitute trustee
Also found in: Acronyms
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