Final answer:
The new holder of the note (holder in due course) can take legal action against the owner for defaulting on the note and collect the remaining debt from the owner personally or through other means.
Step-by-step explanation:
When a beneficiary sells a trust deed placing without recourse on the note, and the owner defaults, the new holder of the note, also known as the holder in due course, has certain rights and options.
First, the holder in due course can take legal action against the owner for defaulting on the note. This may involve initiating foreclosure proceedings to recover the amount owed.
Second, the holder in due course can collect the remaining debt from the owner personally or through other means, depending on the terms of the trust deed.