Posted by Ali/IL on 10/29/13 5:38pm
Msg #490327
Bank Trust Question
I have a signing tomorrow . This is in a bank trust. I have to meet with the borrower then go to a title company to have the trust signed by the bank.
The mortgage doc just has the banks trust name on signature line. I am confused as to what name would the acknowledgement fall under. The person representing the bank or the trust name?
I will continue to make calls since I just got these docs and instructions for an early morning signing.
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Reply by Lee/AR on 10/29/13 5:40pm
Msg #490328
This is beyond the norm, so call hiring entity and ask what they want. Better safe than sorry.
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Reply by Linda_H/FL on 10/29/13 5:41pm
Msg #490329
Would probably be an ack in a representative capacity...since the bank is the trustee, then I'd guess
Jane Doe, Vice President of ABC Bank as trustee of the blanket blank Trust blah blah
You notarize Jane Doe's signature and add her capacity if allowed by your notary laws...
JMO.
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Reply by Linda_H/FL on 10/29/13 5:42pm
Msg #490331
And what Lee said. :) n/m
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Reply by LKT/CA on 10/29/13 5:42pm
Msg #490330
<<<I am confused as to what name would the acknowledgement fall under.>>>
What does Illinois SOS or guidebook say? In Calif., only the human's ID name goes in the acknowledgment.
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Reply by Clem/CA on 10/29/13 5:43pm
Msg #490332
The person that signs the paper and is standing in front of you,Trusts can't sign names, just people do that
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Reply by Linda_H/FL on 10/29/13 5:44pm
Msg #490333
But Trustees can - and their authorized rep can..
State specific..
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Reply by Clem/CA on 10/29/13 5:56pm
Msg #490336
Re: But Trustees can - and their authorized rep can..
A trustee is a person not a trust
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Reply by Ali/IL on 10/29/13 5:46pm
Msg #490334
This is the first time I have seen this. Where the borrower and the trust are named on first page of mortgage document but, borrower not on signature lines at all.
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Reply by Ali/IL on 10/29/13 5:57pm
Msg #490337
Ok I have figured it out. Identity of beneficiary must be keep unknown.
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Reply by LKT/CA on 10/29/13 6:08pm
Msg #490339
I thought OP's question was about what name goes...
in the acknowledgment. Guess not...
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Reply by Linda Juenger on 10/29/13 6:09pm
Msg #490340
Ali. I would use this pg 16 of Handbook
(b) For an acknowledgment in a representative capacity:
State of _________________________
County of ________________________
This instrument was acknowledged before me on ___________ (date) by
_________________________________________ (name/s of person/s) as
________________________________________ (type of authority, e.g., officer,
trustee, etc.) of ________________________________________ (name of party
on behalf of whom instrument was executed).
______________________
(Signature of Notary Public)
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Reply by Ali/IL on 10/29/13 6:42pm
Msg #490343
Re: Ali. I would use this pg 16 of Handbook
Linda, I am thinking the same thing.
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Reply by Bob_Chicago on 10/29/13 11:52pm
Msg #490376
Probably NOT your problem. This sounds like a Land Trust,
an animal unique to Illinois and a few other states.
Too complicated to explain here, but you can google it if curious.
The dox to be executed by the bank will also be notarized by the bank's own notary.
You are basically a messenger, other than for the dox executed by the borrower/beneficiary.
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Reply by Ali/IL on 10/30/13 1:48pm
Msg #490490
Re: Probably NOT your problem. This sounds like a Land Trust,
Yes, Bob that is what it was.
The bank attached their riders and I notarized them.
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