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 ?

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.

Significant recent developments in estate planning

The parties agreed that the sprinkle power, coupled with the grantor's retained ability to terminate and substitute trustees at will, constituted a retention of dominion and control over the transferred assets.