A surety bond for a Lost Trust Deed is a bond required by banks or other financial instrument transfer agents. A trust deed is normally recorded with the recorder or county clerk for the county where the property is located as evidence of and security for the debt.
Per California Civil Code 2941:
“Whenever the obligation secured by a mortgage or deed of trust has been fully satisfied and the present mortgagee or beneficiary of record cannot be located after diligent search, or refuses to execute and deliver a proper certificate of discharge or request for re-conveyance, or whenever a specified balance, including principal and interest, remains due and the mortgagor or trustor or the mortgagor’s or trustor’s successor in interest cannot, after diligent search, locate the then mortgagee or beneficiary of record, the lien of any mortgage or deed of trust shall be released by posting a California Lost Trust Deed Surety Bond of two times the amount of the original obligation secured by the mortgage or deed of trust and any additional principal amounts.”
(See CA Civil Code 2941.7 for more information.)
This Lost Trust Deed Bond is the same as a California Reconveyance Surety Bond.
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