33-804

33-804. Appointment of successor trustee by
beneficiary

A. If a person appointed as trustee fails to qualify, is unwilling or unable to
serve or resigns as trustee or if a trustee was not designated in the deed of trust, the
beneficiary may appoint a successor trustee, and such appointment shall constitute a
substitution of trustee.

B. The beneficiary may at any time remove a trustee for any reason or cause and
appoint a successor trustee, and such appointment shall constitute a substitution of
trustee.

C. A notice of substitution of trustee shall be recorded in the office of the
county recorder of each county in which the trust property or some part of the trust
property is situated at the time of the substitution. The beneficiary shall give written
notice through registered or certified mail, with postage prepaid, to the trustor.

D. A notice of substitution of trustee shall contain a description of the basis for
the successor trustee's qualification pursuant to section 33-803, subsection A. A notice
of substitution of trustee shall be sufficient if acknowledged by all beneficiaries under
the trust deed or their agents as authorized in writing and if prepared in substantially
the following form:

Notice of Substitution of Trustee

The undersigned beneficiary hereby appoints ___________
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________ successor
trustee under the trust deed executed by ____________________ as trustor, in
which _____________ is named beneficiary and _____________ as trustee, and
recorded ________________, _____, in _________________ county in book or
docket _________________, page ______________, and legally describing the
trust property as:

(legal description of trust property)

The successor trustee appointed herein qualifies as a trustee of the
trust deed in the trustee's capacity as a ______________________ as required
by Arizona Revised Statutes section 33-803, subsection A.

Dated this _______________ day of ________________, ____.

____________________

Signature

(Acknowledgement)

E. A notice of substitution of trustee is effective immediately on execution as
prescribed by subsection D of this section.

F. A person appointed as a trustee under a deed of trust may resign as trustee at
any time. Any such resignation shall be without liability, provided the person has not
agreed in writing or by the person's conduct to act in such capacity. If the trustee has
agreed in writing or by the person's conduct to act in such capacity, the person may only
resign in accordance with the terms of the trust deed and this chapter. If a trustee
fails to qualify or is unwilling or unable to serve or resigns, it does not affect the
validity of the deed of trust, except that no action required to be performed by the
trustee under this chapter or under the deed of trust may be taken until a successor
trustee is appointed by the beneficiary or the beneficiary's agent as authorized in
writing pursuant to this section. Resignation by a trustee is made by recordation of a
notice of resignation in the office of the county recorder of each county in which the
trust property or some part of the trust property is situated at the time of the
resignation. Written notice shall be given through registered or certified mail, with
postage prepaid, to the trustor and the beneficiary. A notice of resignation of trustee
is sufficient if acknowledged by the trustee and prepared in substantially the following
form:

Notice of Resignation of Trustee

The undersigned trustee hereby resigns as trustee under the deed of
trust executed by ________________, as trustor, in which ________________ is
named beneficiary, and recorded ________________, ____, in ________________
county, in book or docket __________, page __________, and legally describing
the trust property as:

(legal description of trust property)

Dated this _______________ day of _______________, ____.

_________________

Signature

(Acknowledgement)