§ 26-58. Trustee who is corporate stockholder or employee or counsel to noteholder not disqualifie...
The mere fact that a trustee in a deed of trust to secure a debt due to a corporation is a stockholder, member, employee, officer or director of, or counsel to, the corporation, does not disqualify him from exercising the powers conferred by the trust deed nor does it render voidable a sale by such trustee in the exercise of the powers conferred on him by the trust deed so long as he did not participate in the corporation's decision as to the amount to be bid at the sale of the trust property. Moreover, if the lender secured by the deed of trust bids the amount secured, including interest through the date of sale and costs of foreclosure, the trustee's participation in fixing the bid price by the party secured shall not be deemed improper and such sale shall not be rendered voidable solely by reason of his participation. All sales made before July 1, 1990, by such trustees by virtue of such deeds of trust, and all deeds made by such trustees in pursuance of such sales, shall be held, and the same are hereby declared to be, valid and effective in all respects, if otherwise valid according to laws then in force, the same as if such trustees had not been stockholders, members, employees, officers or directors of, or counsel to, the corporations thereby secured.
(1920, p. 502; 1932, p. 523; Michie Code 1942, § 6304b; 1990, c. 763.)
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