Laird v. Bethea

The question is here presented of whether an assigneebeneficiary of a deed of trust has the power to substitute a trustee where the deed of trust provides that substitution can be made by the named, original beneficiary “or his legal representative.”

In September, 1939, appellants R. B. Laird and wife executed a deed of trust to Percy Oswalt as beneficiary, with O. 0. Weathersby as trustee, securing a debt of $230.50 with a mortgage on 260 acres of land in Smith County. That instrument provided that upon default the trustee could take possession of the property and sell it, “and said Percy…