Having picked a host tree, nectria canker pops up quickly as a probable diagnosis. No treatment practical, your tree is a goner.
If attempting to save a tree with early detection, prune well below each infected branch, sterilizing tools with bleach after every cut.
This is a "target canker", which kills the newly formed callus surrounding a wound.
"Infection appears to take place via small dead branch stubs. The pathogen kills a patch of bark. The inner bark dries and cracks, and the bark soon falls off. Then the magic begins:
- The host produces a ridge of callus around the canker. If successful, this would continue growth each year until it covered the dead area and sealed it.
- During the dormant season, when the host can’t actively respond, the fungus kills said callus roll.
- When the tree awakens next year, it finds itself taken aback. Not knowing what else to do, it lays down a phellogen barrier between live and dead bark, then produces another roll of callus around the dead one.
- Get where we’re going with this? The second roll gets killed as well. Back and forth the combatants go, creating this work of art that takes years to develop.
The canker persists for many years without killing its host.
The canker face is usually free of bark, making it rather attractive, but it may have bark on aspen.
We rarely see fruiting of the pathogen. It probably fruits mostly in certain years when weather is right, and then in the dormant season when we’re not around to see it."
I also see that it is found in a large variety of trees, but I am not at all familiar with this disease. So... Excellent test question!