A. Except as provided in subsection B, the trustee of a trust deed shall be:
1. An association or corporation doing business under the laws of this state as a bank, trust company, savings and loan association, credit union, insurance company, escrow agent or consumer lender.
2. A person who is a member of the state bar of Arizona.
3. A person who is a licensed real estate broker under the laws of this state.
4. A person who is a licensed insurance producer under the laws of this state.
5. An association or corporation that is licensed, chartered or regulated by the federal deposit insurance corporation, the comptroller of the currency, the federal home loan bank, the national credit union administration, the farm credit administration, the federal reserve board or any successors.
6. The parent corporation of any association or corporation referred to in this subsection or any corporation all the stock of which is owned by or held solely for the benefit of any such association or corporation referred to in this subsection.
B. An individual trustee of a trust deed who qualifies under subsection A shall not be the beneficiary of the trust, but such restriction shall not preclude a corporate or association trustee that qualifies under subsection A and while acting in good faith from being the beneficiary, or after appointment from acquiring the interest of the beneficiary by succession, conveyance, grant, descent or devise.
C. A trustee of a trust deed who qualifies under subsection A shall not lend or delegate the trustee's name or corporate capacity to any individual or entity that does not qualify as a trustee of a trust deed. An individual, company, association or corporation shall not circumvent the requirements of subsection A by acting in concert with a nonqualifying trustee.
Notes of Decisions
Hogan v. Washington Mut. Bank, N.A., 277 P.3d 781 (Ariz. 2012).
“§ 33-808(C)(5) (requiring the notice to set forth “the basis for the trustee’s qualification pursuant to § 33-803, subsection A”); see also A.R.S.”
Snyder v. HSBC Bank, USA, N.A., 873 F. Supp. 2d 1139 (D. Ariz. 2012).
· cites it 2× “22 at 3) According to Zieve, HSBC determined a default existed under the note and deed of trust with Plaintiff, appointed Zieve as successor trustee of the deed of trust pursuant to A.R.S. § 33-803, and instructed him to commence foreclosure proceedings.”
In Re Bisbee, 754 P.2d 1135 (Ariz. 1988).
· cites it 2× “§ 33-801(5), a deed of trust is defined as: [A] deed executed in conformity with this chapter and conveying trust property to a trustee or trustees qualified under *33 § 33-803 to secure the performance of a contract or contracts.”
Kenly v. Miracle Props., 412 F. Supp. 1072 (D. Ariz. 1976).
· cites it 2× “An association or corporation doing business under the laws of the state of Arizona as a bank, trust company, savings and loan association, credit union, insurance company, thrift company or small loan company.”
Eardley v. Greenberg, 774 P.2d 822 (Ariz. Ct. App. 1989).
· cites it 4× “QUALIFIED TRUSTEE Eardley argues that Investors, a corporation licensed as an insurance agent, is not qualified to serve as a trustee under A.R.S. § 33-803. That statute provides, in pertinent part: A.”
Bisbee v. Sec. Nat'l Bank & Trust Co. of Norman, 754 P.2d 1135 (Ariz. 1988).
· cites it 2× “§ 33-801(5), a deed of trust is defined as: [A] deed executed in conformity with this chapter and conveying trust property to a trustee or trustees qualified un *33 der § 33-803 to secure the performance of a contract or contracts____ (Emphasis added.”
Kamela v. One West (Ariz. Ct. App. 2014).
· cites it 3× “Although the note and deed of trust were factual predicates to the Kamelas’ claims, they were not the essential basis for their claims against One West.”
Audie Reynolds v. Ocwen Loan Servicing, LLC (9th Cir. 2018).
“See Ariz. Rev. Stat. §§ 33-803 (A)(1) (trustee of a deed of trust may be a corporation doing business under the laws of the state as an escrow agent), 33-803(A)(6) (trustee of a deed of trust may be a corporation wholly-owned by any corporation referenced in § 33-803(A)(1)).”
John Hogan v. Washington Mut. Bank (Ariz. 2012).
“§ 33-808(C)(5) (requiring the notice to set forth “the basis for the trustee’s qualification pursuant to § 33-803, subsection A”); see also A.R.S.”
— Ariz. Rev. Stat. § 33-803(A) — 1 case
Kamela v. One West (Ariz. Ct. App. 2014).
“Although the note and deed of trust were factual predicates to the Kamelas’ claims, they were not the essential basis for their claims against One West.”
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