Wyoming law authorizes which security instrument(s) for real estate lending?
Correct Answer
C) Both mortgage and deed of trust
Wyoming statutes (W.S. 34-1-152 et seq. for mortgages and W.S. 34-4-101 et seq. for deeds of trust) authorize both mortgages and deeds of trust as security instruments for real estate lending. In practice, deeds of trust are predominant because they allow non-judicial foreclosure through a power-of-sale clause, in which the trustee holds legal title as security and can conduct a trustee's sale without court involvement upon default.
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Related Topics & Key Terms
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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