This assignment allows the new lender to enforce the terms of the deed of trust, collect payments, and take action in case of default. Notify each tenant that there has been a transfer of ownership in the property.This chapter applies to express trusts, charitable and noncharitable, and trusts created pursuant to a statute, judgment or decree. A legal document that gives a mortgage lender right to any future profits that may come from leases and rents when a property owner defaults on their loan. Edit, sign, and share short form deed of trust and assignment of rents online. Address is Lender's Address as the Beneficiary. 1. All capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement (defined below). DO-NOT-RESUSCITATE ORDER. "You'll need to file a quit claim deed and a change of ownership form that transfers title from your name to the trust," said Banuelos.