A deed of trust is an agreement between home buyers and lenders at the closing of a property. Deeds in Michigan are defined as any legal instrument that conveys ownership interest in an asset to a new owner.(a) To take possession, custody, or control of property transferred to the trust and accept or reject additions to the trust. Deed of Trust - Describes Note and Loan Number. Deed of Trust to secure an Indebtedness in the amount shown below, and any other obligations secured thereby: Which states are mortgage states and which are deed of trust states including a table showing this information for each state. Essentially, both state that the borrower will repay the loan.