2005 Washington Revised Code RCW 61.24.010: Trustee, qualifications — Successor trustee.

    (1) The trustee of a deed of trust under this chapter shall be:

         (a) Any domestic corporation incorporated under Title 23B 30 31 32 or 33 RCW of which at least one officer is a Washington resident; or

         (b) Any title insurance company authorized to insure title to real property under the laws of this state, or its agents; or

         (c) Any attorney who is an active member of the Washington state bar association at the time the attorney is named trustee; or

         (d) Any professional corporation incorporated under chapter 18.100 RCW, any professional limited liability company formed under chapter 25.15 RCW, any general partnership, including limited liability partnerships, formed under chapter 25.04 RCW, all of whose shareholders, members, or partners, respectively, are either licensed attorneys or entities, provided all of the owners of those entities are licensed attorneys, or any domestic corporation wholly owned by any of the entities under this subsection (1)(d); or

         (e) Any agency or instrumentality of the United States government; or

         (f) Any national bank, savings bank, or savings and loan association chartered under the laws of the United States.

         (2) The trustee may resign at its own election or be replaced by the beneficiary. The trustee shall give prompt written notice of its resignation to the beneficiary. The resignation of the trustee shall become effective upon the recording of the notice of resignation in each county in which the deed of trust is recorded. If a trustee is not appointed in the deed of trust, or upon the resignation, incapacity, disability, absence, or death of the trustee, or the election of the beneficiary to replace the trustee, the beneficiary shall appoint a trustee or a successor trustee. Upon recording the appointment of a successor trustee in each county in which the deed of trust is recorded, the successor trustee shall be vested with all powers of an original trustee.

    [1998 c 295 § 2; 1991 c 72 § 58; 1987 c 352 § 1; 1981 c 161 § 1; 1975 1st ex.s. c 129 § 1; 1965 c 74 § 1.]

Disclaimer: These codes may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.