Seller Financed Property - What happens w/ loan when seller dies?

[Jason Wilson]

Hi,

I have owned a 6 unit building in California for 5 years through an LLC. The property was purchased with seller financing only and a Deed of Trust was filed with the County Recorder's office. The promissory note was an asset in the seller's trust and the seller has now died. There are still 25 years to go on the loan. Pursuant to the terms of the purchase-sale agreement, payments will continue to the beneficiaries of the trust. When the note is paid in full, either through refinance or at the end of the loan term, what steps will be necessary for a release of the lien? Do all beneficiaries have to execute a release of the lien? What remedies are available if a beneficiary will not execute?

Thank you, 

Jason