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New Law Allows Substitions of Trustee by Power of Attorney

On March 15, 2007, Mississippi Governor Haley Barbour signed House Bill 1006, which amends Mississippi Code Section 89-1-63 to permit attorneys-in-fact, agents and other legal representatives to execute substitutions of trustee in behalf of the holder of the deed of trust. This bill also permits corporations, partnerships, limited liability companies and other legal entities to serve as trustee. Further, holders of deeds of trust are allowed to appoint a trustee ab initio, if a trustee is omitted from the deed of trust.

This language in this bill was drafted by John C. Underwood, Jr. and was supported by members of the Dixie Land Title Association, including First American Title, Chicago Title, Stewart Title and Mississippi Valley Title Insurance Companies.