In Wyoming real estate transactions, which instrument is used as the primary security device for a real estate loan, allowing non-judicial foreclosure without court involvement?
Correct Answer
B) A deed of trust naming a third-party trustee
Under Wyoming's Trust Deed Act (W.S. 34-4-101 et seq.), the deed of trust is the primary security instrument used in Wyoming real estate lending. It involves three parties—the trustor (borrower), the beneficiary (lender), and a trustee—and allows the trustee to conduct a non-judicial foreclosure (trustee's sale) upon default without requiring court action.
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