deed of trust

deed of trust
A conveyance creating a trust in real estate; a conveyance given as security for the performance of an obligation, which is generally regarded as containing the elements of a valid mortgage. 36 Am J1st Mtg § 16. A species of deed which is in the nature of a mortgage and is a conveyance in trust for the purpose of securing a debt, subject to a defeasance. It differs from an assignment for creditors, which is more than a security for the payment of debts, being an absolute appropriation of money for their payment. Union Nat. Bank v Bank of Kansas City, 136 US 223, 232, 34 L Ed 341, 344, 10 S Ct 1013. The difference between a deed of trust and a mortgage is essentially one of form, the former being executed in favor of a disinterested third person as trustee, while the latter is executed directly to the creditor to be secured.

Ballentine's law dictionary. . 1998.

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