§21.9 - Trustee's Statutory Duties

• Jurisdiction: Washington

§21.9 TRUSTEE'S STATUTORY DUTIES

In the absence of an independent trust agreement, the trustee has five statutory duties. Three of these duties are reasonably straightforward and are discussed in §21.9(l)-(3), below. The fourth duty, acting in good faith, and the fifth duty, conducting the foreclosure, are more complex and are discussed in detail in §§21.10 and 21.11, below.

(1) Trustee is holder of lien for beneficiary

Assuming the trustee was appointed by the lawful beneficiary and meets the statutory requisites of a trustee, including that it is not also the beneficiary under the same deed of trust (except in the case of the United States government, see RCW 61.24.020), there is little problem with fulfilling the statutory duty to hold the lien for the benefit of the beneficiary. RCW 61.24.010.

If a deed of trust is created with a trustee that does not meet the statutory requirements, the beneficiary may appoint a new qualified trustee. RCW 61.24.010(2). An invalid trustee should not vitiate the deed of trust or deprive the beneficiary...