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Kelly
California
105 Posts |
 Posted - 02/13/2008 : 03:50:37 AM
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In CA, we can't notarize one's capacity (ie, "Trustee, for example). We just use a loose Ack certificate and utilize the "optional" portion below the notary verbiage to identify how the signer signed (individual, trustee, etc).
I am not sure about Nevada's laws regarding capacity but I think the same as CA? Guess the NV governing body would know for sure.
Kelly Robertson
Coach - Mentor - Instructor
One-of-a-Kind, "How To" Workshops for New Notaries & Signing Agents http://www.SigningAgentCoach.com
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BobbiCT
Connecticut
135 Posts |
Posted - 02/06/2008 : 03:06:39 AM
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How loan documents are signed depend on 1) lender underwriting requirements and 2) the title insurance company requirements.
For example and a CT perspective, many Trustees intentionally do NOT sign as an individual. If there is a default, claim, lawsuit, etc. the Trustee only wants liability in his/her capacity as a Trustee. The Trustee does not want to be sued as an "individual," and have his/her personal assets (bank accounts, paycheck, real estate) attached during litigation.
A borrower, where the Trust does not have an income stream to support repayment of the loan, may sign the Note and financial documents as an individual (not in his/her capacity as a Trustee) and the security documents (mortgage) as Trustee, because the "Trustee" is pledging assets of the Trust as security for the "borrower's" loan in the event the borrower doesn't repay the loan. Borrower and Trustee are the same person, just acting in a different capacity depending on the document being signed. |
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Vlambert
Nevada
25 Posts |
Posted - 02/06/2008 : 02:35:01 AM
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When notarizing a trustee how come no one is using a "Trustee Acknowledgement" and an "Individual Acknowledgement" since they are signing in both capacities?
Virginia Lambert
DBA: PenPoint, a Professional CNSA
1450 East Cash Avenue
Pahrump, NV 89048
(775) 209-5072
www.PahrumpNotary.com
vlambert@PahrumpNotary.com |
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