:: New Law Regarding Substitution of Trustee Process in Nebraska
May 12, 2010. A bill in Nebraska has been passed by the state’s legislature and signed into law by the governor that has changed the way notices are required when a substitution of trustee is filed with the County Recorder's Office.
Bill 738 has amended the Nebraska Trust Deeds Act such that mortgage loan servicers and beneficiaries will no longer be required to provide notice of the substitution by mail, personal service, publication, or in any other manner to the trustee being replaced. Further, the bill establishes that any recorded substitution of trustee filed for record prior to the effective date of the legislation (March 3, 2010), without having provided such notice, will not be deemed incomplete or defective because such notice was not provided.
This simplifies the work involved in making such a substitution and will benefit servicers as they perform the work of preparing reconveyances for Nebraska loans. This will also save these companies money in the form of time saved and reduced postage expenses.
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