Bank Selling Property at Auction - Posted by Andy

Posted by Bill H on August 13, 2007 at 19:08:40:

The trustee takes his orders from the beneficiaries. In this case there are none. So, there probably is language somewhere in the trust telling the bank(trustee) how to dispose of the property and they are following those instruction.

Good Luck,
Bill H

Bank Selling Property at Auction - Posted by Andy

Posted by Andy on August 13, 2007 at 09:34:28:

I"m looking at a property that is going to be auctioned soon. Both of the owners are deceased. The bank is selling the property. Under what circumstances would the bank be ordering the sale as opposed to the heirs? The property was in a trust. The county records list the bank as the sole “Successor Trustee” of the property. What exactly does that mean? Thanks