2005 Idaho Code - 45-1502 — DEFINITIONS -- TRUSTEE\'S CHARGE

                                  TITLE  45
                         LIENS, MORTGAGES AND PLEDGES
                                  CHAPTER 15
                                 TRUST DEEDS
    45-1502.  DEFINITIONS -- TRUSTEE'S CHARGE. As used in this act:
    (1)  "Beneficiary" means the person named or otherwise designated in a
trust deed as the person for whose benefit a trust deed is given, or his
successor in interest, and who shall not be the trustee.
    (2)  "Grantor" means the person conveying real property by a trust deed as
security for the performance of an obligation.
    (3)  "Trust deed" means a deed executed in conformity with this act and
conveying real property to a trustee in trust to secure the performance of an
obligation of the grantor or other person named in the deed to a beneficiary.
    (4)  "Trustee" means a person to whom the legal title to real property is
conveyed by trust deed, or his successor in interest.
    (5)  "Real property" means any right, title, interest and claim in and to
real property owned by the grantor at the date of execution of the deed of
trust or acquired thereafter by said grantor or his successors in interest.
Provided, nevertheless, real property as so defined which may be transferred
in trust under this act shall be limited to either (a) any real property
located within an incorporated city or village at the time of the transfer, or
(b) any real property not exceeding forty (40) acres, regardless of its
location, and in either event where the trust deed states that the real
property involved is within either of the above provisions, such statement
shall be binding upon all parties and conclusive as to compliance with the
provisions of this act relative to the power to make such transfer and trust
and power of sale conferred in this act.
    (6)  The trustee shall be entitled to a reasonable charge for duties or
services performed pursuant to the trust deed and this chapter, including
compensation for reconveyance services notwithstanding any provision of a deed
of trust prohibiting payment of a reconveyance fee by the grantor or
beneficiary, or any provision of a deed of trust which limits or otherwise
restricts the amount of a reconveyance fee to be charged and collected by the
trustee. A trustee shall be entitled to refuse to reconvey a deed of trust
until the trustee's reconveyance fees and recording costs for recording the
reconveyance instruments are paid in full. The trustee shall not be entitled
to a foreclosure fee in the event of judicial foreclosure or work done prior
to the recording of a notice of default. If the default is cured prior to the
time of the last newspaper publication of the notice of sale, the trustee
shall be paid a reasonable fee.