State Codes and Statutes

Statutes > Nebraska > Chapter76 > 76-1004

76-1004. Successor trustee; appointment bybeneficiary; effect; substitution of trustee; recording; form.(1)The beneficiary may appoint a successor trustee at any time by filing forrecord in the office of the register of deeds of each county in which thetrust property or some part thereof is situated a substitution of trustee.From the time the substitution is filed for record, the new trustee shallsucceed to all the power, duties, authority, and title of the trustee namedin the deed of trust and of any successor trustee.(2) The substitution shall identify the trust deed by stating the namesof the original parties thereto, the date of recordation, the full legal descriptionof the realty affected, and the book and page or computer system referencewhere the trust deed is recorded, shall state the name of the new trustee,and shall be executed and acknowledged by all of the beneficiaries under thetrust deed or their successors in interest.(3) The recorded substitution shall also contain or have attached toit an affidavit that a copy of the substitution has, by regular United Statesmail with postage prepaid, been mailed to the last-known address of the trusteebeing replaced or an affidavit of personal service of a copy thereof or ofpublication of notice thereof, which notice shall be published one time ina newspaper having general circulation in any county in which the trust propertyor some part thereof is situated.(4) Any affidavit contained in or attached to the substitution shallconstitute prima facie evidence of the facts required to be stated and conclusiveevidence of such facts as to bona fide purchasers and encumbrancers for valueof the trust property or of any beneficial interest in the trust deed.(5) On and after April 3, 1997, no recorded substitution filed for recordshall be required to contain or have attached to it an affidavit pursuantto subsection (3) of this section, and any recorded substitution filed forrecord without containing or having attached to it an affidavit pursuant tosuch subsection prior to April 3, 1997, shall not be deemed incomplete ordefective because such affidavit was not contained therein or attached.(6) On and after March4, 2010, there shall be no requirement for a beneficiary, in connection withthe recording of the substitution of trustee, to provide notice of the substitutionby mail, personal service, publication, or in any other manner to the trusteebeing replaced, and any recorded substitution filed for record prior to March4, 2010, without having provided such notice, shall not be deemed incompleteor defective because such notice was not provided.(7) A substitution of trustee shall be sufficientif made in substantially the following form:Substitution of Trustee(insert name and address of new trustee)is hereby appointed successor trustee under the trust deed executedby ............... as trustor, in which .............. is named beneficiaryand ............... as trustee, and filed for record ........, 20...., andrecorded in book ......, page ........ (or computer system reference ........),Records of ......... County, Nebraska. The trust property affected is legallydescribed as follows:........................................................................................................................................................................................................................................................................Signature ........................ SourceLaws 1965, c. 451, § 4, p. 1424; Laws 1984, LB 679, § 18; Laws 1989, LB 334, § 1; Laws 1993, LB 547, § 1; Laws 1995, LB 288, § 2; Laws 1997, LB 284, § 1; Laws 2004, LB 813, § 28; Laws 2010, LB738, § 1.Effective Date: March 4, 2010