Mike Morrell
- Republican
Author
Existing law regulates the terms and conditions of mortgages and deeds of trust. Existing law authorizes a beneficiary of a deed of trust to substitute a new trustee for the existing trustee in accordance with certain statutory requirements, and that substitution is not effective in certain cases unless it is signed by the respective parties under penalty of perjury. Under existing law, a trustee named in a recorded substitution of trustee is deemed to be authorized to act in this capacity under the mortgage or deed of trust for all purposes from the date the substitution is executed by the mortgagee, beneficiaries, or by their authorized agents. Existing law provides specified methods by which a trustee may resign, including as provided in the trust instrument or, in the case of a revocable trust, with the consent of the person holding the power to revoke the trust. This bill would authorize a trustee to resign or refuse to accept appointment as trustee at that trustee's own election without the consent of the beneficiary or by their authorized agents, under a trust deed upon real property or an estate for years. The bill would require the trustee to give prompt written notice of resignation or refusal to accept appointment to the beneficiary or their authorized agents by mailing, as specified, an envelope containing a notice of resignation of trustee by recording the notice of resignation in each county in which the substitution of trustee under which the trustee was appointed is recorded, and by attaching to the recorded notice an affidavit stating that notice has been mailed to all beneficiaries and their authorized agents, as specified. The bill would make the resignation or refusal to accept appointment of that trustee effective upon the recording of the notice of resignation in each county in which the substitution of trustee under which the trustee was appointed is recorded. The bill would also require the trustee and any successor in interest to that trustee to retain and preserve every writing relating to the trust deed or estate for years under which the trustee was appointed for at least 5 years after a notice of resignation is mailed and recorded. The bill would specify that the resignation of the trustee does not affect the validity of the mortgage or deed of trust, except that no action required to be performed by the trustee under those provisions or under the mortgage or deed of trust may be taken until a substituted trustee is appointed. The bill would make related conforming and nonsubstantive changes to those provisions. By expanding the crime of perjury, the bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 474, Statutes of 2019.
Enrolled and presented to the Governor at 4 p.m.
Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2530.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
Read third time. Passed. (Ayes 77. Noes 0. Page 2956.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Ordered to third reading.
Read third time and amended.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 18. Noes 0.) (August 14).
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (July 2). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
June 25 hearing postponed by committee.
June 18 hearing postponed by committee.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
June 4 set for first hearing canceled at the request of author.
Read third time. Passed. (Ayes 37. Noes 0. Page 823.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to consent calendar.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
Set for hearing April 22.
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 8. Noes 0. Page 553.) (April 2). Re-referred to Com. on APPR.
Set for hearing April 2.
From printer. May be acted upon on or after March 21.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB306 | HTML |
| 02/15/19 - Introduced | |
| 06/13/19 - Amended Assembly | |
| 06/26/19 - Amended Assembly | |
| 08/22/19 - Amended Assembly | |
| 09/06/19 - Enrolled | |
| 10/02/19 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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