§21.2 - Parties and Description

• Jurisdiction: Washington

§21.2 PARTIES AND DESCRIPTION

The deed of trust is a species of mortgage and, specifically, a three- party mortgage with a power of sale vested in the trustee. Rustad Heating &PlumbingCo.v.Waldt,91 Wn.2d 372, 588 P.2d 1153(1979).The grantor "conveys" the property to a trustee in trust for the beneficiary to secure an obligation owed by the grantor and/or borrower (defined differently in the Act, but referred to herein as "grantor") to the beneficiary. The deed of trust creates a lien in favor of the beneficiary. This lien is held by the trustee, who may either satisfy or foreclose the lien in accordance with the beneficiary's instructions. RCW 61.24.040,. 110. The beneficiary is the real party in interest. The powers and obligations of the trustee are created by statute with express and specific statutory duties. As with mortgages, deeds of trust are required by...