This section is from the book "Popular Law Library Vol7 Equity Jurisprudence, Trusts, Equity Pleading", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
A mortgage trust deed is a conveyance, usually by deed, of either real or personal property, by a debtor to a trustee, who is to hold such property as security for the payment of creditors or the indemnifying of sureties. Such a deed generally lodges in the trustee the power to sell such property upon the breach of the conditions contained in the deed, but in some states, e. g., Illinois, the security can only be reached by foreclosure proceeding. Mortgage trust deeds are most frequently used in cases where there are a large number of creditors to be secured by the one conveyance, such as the bondholders of a railway. In some places (most notably Cook County, Illinois) a mortgage trust deed is the ordinarily used form of real estate mortgage.