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Explain the legal effect of an unrecorded deed of trust (a) as between the borrower (trustor) and the lender (beneficiary); and (b) on a subsequent

Explain the legal effect of an unrecorded deed of trust (a) as between the borrower (trustor) and the lender (beneficiary); and (b) on a subsequent lender that has recorded its own trust deed against the same real property as collateral.

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