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TITLE 45LIENS, MORTGAGES AND PLEDGES
CHAPTER 15TRUST DEEDS
45-1502.DEFINITIONS -- TRUSTEE’S CHARGE. As used in this act:
(1) "Beneficiary" means the person named or otherwise designated ina trust deed as the person for whose benefit a trust deed is given, orhis successor in interest, and who shall not be the trustee.
(2) "Grantor" means the person conveying real property by a trustdeed as security for the performance of an obligation.
(3) "Trust deed" means a deed executed in conformity with this actand conveying real property to a trustee in trust to secure theperformance of an obligation of the grantor or other person named in thedeed to a beneficiary.
(4) "Trustee" means a person to whom the legal title to realproperty is conveyed by trust deed, or his successor in interest.
(5) "Real property" means any right, title, interest and claim inand to real property owned by the grantor at the date of execution of thedeed of trust or acquired thereafter by said grantor or his successors ininterest. Provided, nevertheless, real property as so defined which maybe transferred in trust under this act shall be limited to: (a) any realproperty located within an incorporated city or village at the time ofthe transfer; (b) any real property not exceeding eighty (80) acres,regardless of its location, provided that such real property is notprincipally used for the agricultural production of crops, livestock,dairy or aquatic goods; or (c) any real property not exceeding forty (40)acres regardless of its use or location.
(6) The trustee shall be entitled to a reasonable charge for dutiesor services performed pursuant to the trust deed and this chapter,including compensation for reconveyance services notwithstanding anyprovision of a deed of trust prohibiting payment of a reconveyance fee bythe grantor or beneficiary, or any provision of a deed of trust whichlimits or otherwise restricts the amount of a reconveyance fee to becharged and collected by the trustee. A trustee shall be entitled torefuse to reconvey a deed of trust until the trustee’s reconveyance feesand recording costs for recording the reconveyance instruments are paidin full. The trustee shall not be entitled to a foreclosure fee in theevent of judicial foreclosure or work done prior to the recording of anotice of default. If the default is cured prior to the time of the lastnewspaper publication of the notice of sale, the trustee shall be paid areasonable fee.
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