Toxic Corpus no note no corpus

In a trust (all trusts) there is a grantor/trustor, Trustee and a Beneficiary/investor. Right? Well, there is one more vital element you need for every trust that most people do not look at. You always need a “corpus” or a body of the trust. Right?

Well, sit down! Take a deep breath and keep reading: A transaction that uses a ‘deed of trust’ involves a trust. There is a ‘grantor/trustor’, a ‘trustee’, a ‘beneficiary/investor’ . Please tell me what the ‘corpus’ IS for this type of a trust? Most people think it is the property—but hold on—it isn’t–the property has a deed to it and the deed to the property is ONLY used as security for the real corpus–the Promissory Note! And–that is why they call these notes “Toxic Assets”. Without the Promissory Note (asset and corpus) there CANNOT be a valid trust. Without a valid trust–there is no longer need for any security called the ‘deed of trust’. RIGHT?

This is soooo simple that it is overlooked by EVERYONE—but it IS the law!!! They NEVER talked about trust law in a fight with a deed of trust and foreclosure–but that is because the TRUSTOR/GRANTOR does not bring it up. It is the job of the Trustor/Grantor to bring this up, that the Trust does NOT exist any longer because the corpus of the trust IS NOT THERE!

Let me know your thoughts on this.

Author: timothymccandless

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