Lost Trust Deed-Promissory Note Bond

A surety bond required by banks or other financial agents to properly re-convey an open note found on a preliminary title report.  A Lost Trust Deed Bond is provided to the lender to clear the title to the real estate of a trust deed when the beneficiary cannot be located to execute and file a re-conveyance.  Re-conveyance is when title to the real estate is transferred from the trustee back to the borrower when the secured debt is fully paid.  The bond is typically recorded with the recorder or county clerk for the county where the property is located.  The bond term is a three-year non-renewable term. 

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What is a Lost Trust Deed/Promissory Bond?

A surety bond required by banks or other financial agents to properly re-convey an open note found on a preliminary title report. A Lost Trust Deed Bond is provided to the lender to clear the title to the real estate of a trust deed when the beneficiary cannot be located to execute and file a re-conveyance. Re-conveyance is when title to the real estate is transferred from the trustee back to the borrower when the secured debt is fully paid. The bond is typically recorded with the recorder or county clerk for the county where the property is located. The bond term is a three year non-renewable term. Per California Civil Code 2941, a bond can be used for the following reasons:

• When the obligation secured by a mortgage/deed of trust has been fully satisfied and the present mortgagee/beneficiary of record cannot be located after a diligent search.
• When the original beneficiary refuses to execute and deliver a proper certificate of discharge or request for re-conveyance.
• When a specified balance remains outstanding on the property report and the mortgagor/trustor/successor cannot (after a diligent search) locate the mortgagee/ beneficiary of record, the lien of any deed of trust shall be released.

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