This is an assignment of mortgage/deed of trust form where the owner of the deed of trust/mortgage conveys the owner's interest in the deed of trust/mortgage to a third party. The holder of the deed of trust/mortgage is a corporation.
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Arkansas Partial Release of Property From Mortgage for Corporation
Letter Of Employment For Mortgage
State:
Arkansas
Control #:
AR-S124
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How to fill out Arkansas Partial Release Of Property From Mortgage For Corporation?
1. Start by entering the name of the corporation that is releasing the property from the mortgage at the top of the form.
2. Provide the legal description of the property being released from the mortgage. This should include the property address, county, and any additional identifying information.
3. Specify the portion or percentage of the property being released from the mortgage. Indicate whether this is a partial release or a full release.
4. Include the mortgage information, such as the original mortgage amount, the current mortgage balance, the date of the mortgage, and the name of the original lender.
5. Sign and date the form, and have it notarized if required by the state.
It is not possible to fill out this form online for free. However, users can find up-to-date lawyer-approved, state-specific form templates on US Legal Forms. These forms can be completed or downloaded in Word, PDF, and RTF formats.
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2. Provide the legal description of the property being released from the mortgage. This should include the property address, county, and any additional identifying information.
3. Specify the portion or percentage of the property being released from the mortgage. Indicate whether this is a partial release or a full release.
4. Include the mortgage information, such as the original mortgage amount, the current mortgage balance, the date of the mortgage, and the name of the original lender.
5. Sign and date the form, and have it notarized if required by the state.
It is not possible to fill out this form online for free. However, users can find up-to-date lawyer-approved, state-specific form templates on US Legal Forms. These forms can be completed or downloaded in Word, PDF, and RTF formats.
To access forms on US Legal Forms, users need to register and buy a Basic or Premium subscription on a monthly or annual basis. This subscription will give users access to a wide range of legal forms for various purposes.
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FAQ
Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.
In most cases, the lien holder (the lender in this case) should send the release to be recorded within 30-90 days. If you aren't sure what the requirements are in your area, reach out to your real estate agent, title agent, or real estate attorney for guidance.
A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.Depending on your situation, you may be required to make a financial contribution to receive a mortgage release.
If you are approved for the partial mortgage release, you will receive notification within two to six weeks.
Once you've paid off your outstanding mortgage debt, the lender must prepare and issue a release of mortgage. This document officially discharges you from the debt obligation and removes the lien against the property.
A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
When you pay off your loan and you have a mortgage, the lender will send you or the local recorder of deeds or office that handles the filing of real estate documents a release of mortgage.On the other hand, when you have a trust deed or deed of trust, the lender files a release deed.
A partial reconveyance is to reconvey a portion of the land subject to a deed of trust, not the loan amount.He will have to wait to pay off the full loan before the property is granted back to him.
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Letter Of Employment For Mortgage
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Law summary
Partial Release of Property From Mortgage for Corporation
Assignments Generally: Lenders,
or holders of mortgages or deeds of trust, often assign mortgages or deeds
of trust to other lenders, or third parties. When this is done the
assignee (person who received the assignment) steps into the place of the
original lender or assignor. To effectuate an assignment, the general
rules is that the assignment must be in proper written format and recorded
to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Arkansas Law
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: Upon full satisfaction, at the request of the person making satisfaction, the mortgagee shall acknowledge satisfaction thereof on the margin of the record in which the mortgage is recorded.
Recording Satisfaction: If any mortgagee shall receive full satisfaction for the amount due on any mortgage, then, at the request of the person making satisfaction, the mortgagee shall acknowledge satisfaction thereof on the margin of the record in which the mortgage is recorded.
Marginal Satisfaction: The clerks in counties which use other than paper recording systems shall not allow satisfactions by marginal notations after December 31, 1995. Satisfactions by marginal notations made in counties which use other than paper recording systems after December 31, 1995, are void.
Penalty: If any person receiving satisfaction does not, within sixty (60) days after being requested, acknowledge satisfaction, he shall forfeit to the party aggrieved any sum not exceeding the amount of the mortgage money, to be recovered by a civil action.
Acknowledgment: An assignment or satisfaction must contain a proper Arkansas acknowledgment, or other acknowledgment approved by Statute.
Arkansas Statutes
14-15-407. Manner of recording. [assignment, satisfaction]
Each recorder shall, without delay, record every deed, mortgage, conveyance, deed of trust, bond, or other writing delivered to him for record, with the acknowledgment, proofs, and certificates written on or attached to the writing, and all other papers therein referred to and annexed thereto, in the order, and as of the time when, the writing has been delivered for record, by:
(1) Entering them word for word and letter for letter;
(2) Noting at the foot of each record all interlineations, erasures, and words visibly written on erasures; and
(3) Noting at the foot of the record the date of the month and year when the instrument so recorded was delivered to him or deposited in his office for record.
18-40-101. Proof or acknowledgment - Recording.
All mortgages of real estate shall be proven or acknowledged in the same manner that deeds for the conveyance of real estate are required by law to be proven or acknowledged. When so proven or acknowledged they shall be recorded in the counties in which the lands lie.
18-40-104. Acknowledgment of satisfaction on record.
(a) If any mortgagee, or his executor, administrator, or assignee,
shall receive full satisfaction for the amount due on any mortgage, then,
at the request of the person making satisfaction, the mortgagee
shall acknowledge satisfaction thereof on the margin of the record
in which the mortgage is recorded.
(b) Acknowledgment of satisfaction, made as stated in subsection
(a) of this section, shall have the effect to release the mortgage, bar
all actions brought thereon, and revest in the mortgagor or his legal representatives
all title to the mortgaged property.
(c) If any person receiving satisfaction does not, within sixty (60) days after being requested, acknowledge satisfaction as stated in subsection (a) of this section, he shall forfeit to the party aggrieved any sum not exceeding the amount of the mortgage money, to be recovered by a civil action in any court of competent jurisdiction.
(d)(1) Effective January 1, 1996, this section does not apply in counties which use other than paper recording systems. (2) The clerks in counties which use other than paper recording systems shall not allow satisfactions by marginal notations after December 31, 1995.(3) Satisfactions by marginal notations made in counties which use other than paper recording systems after December 31, 1995, are void.
18-40-106. Sufficiency of satisfaction - Transfer or assignment.
(a) Satisfaction of any mortgage, deed of trust, vendor's lien, or lien retained in deed or note made and endorsed on the margin of the record where the instrument is recorded by the mortgagee, trustee, beneficiary, agent of the owner of record of the indebtedness, or by the owner of record thereof, shall be full and complete protection for any subsequent purchaser, mortgagee, or judgment creditor of the mortgagor or grantor, unless there shall appear on the margin of the record where the instrument is recorded a memorandum showing that the mortgage, deed of trust, vendor's lien, lien retained in deed or note, or other evidence of indebtedness secured thereby has been transferred or assigned. The memorandum shall be signed by the transferor or assignor, giving the name of the transferee or assignee, together with the date of the transfer or assignment, the signature to be attested and dated by the clerk.
(b) Where it shall appear from a memorandum endorsed upon the margin of the record and attested as provided in subsection (a) of this section that the mortgage, deed of trust, vendor's lien, or other evidence of indebtedness has been transferred, satisfaction shall be made by the party appearing therein as the transferee.
(c)(1) Effective January 1, 1996, this section does not apply in counties which use other than paper recording systems.(2) The clerks in counties that use other than paper recording systems shall not allow any marginal endorsements to be made after December 31, 1995. (3) In counties which use other than paper recording systems, marginal endorsements made after December 31, 1995, are void.
18-40-107. Attestation of satisfaction - Separate release.
(a) In all cases where the party receiving satisfaction of any indebtedness secured by mortgage, deed of trust, or lien affecting real estate is required by law to acknowledge it on the margin of the record, the satisfaction shall be signed by the party and his signature shall be attested and dated by the clerk. The attestation by the clerk shall be evidence of the facts recited therein.
(b) The effectual discharge of any lien, deed of trust, or mortgage lien in note, bond, or other instrument may be made by a separate release deed or instrument duly executed, acknowledged, and recorded. This instrument, when so recorded, shall be of the same effect as a marginal entry.
(c)(1) Effective January 1, 1996, subsection (a) of this section does not apply in counties which use other than paper recording systems.(2) In counties which use other than paper recording systems, the clerks shall not allow marginal notations of satisfaction of any indebtedness after December 31, 1995.(3) In counties which use other than paper recording systems, marginal notations made after December 31, 1995, are void.
Legal definition
Partial Release of Property From Mortgage for Corporation
Assignments Generally: Lenders,
or holders of mortgages or deeds of trust, often assign mortgages or deeds
of trust to other lenders, or third parties. When this is done the
assignee (person who received the assignment) steps into the place of the
original lender or assignor. To effectuate an assignment, the general
rules is that the assignment must be in proper written format and recorded
to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Arkansas Law
Assignment: An assignment must be in writing and recorded.
Demand to Satisfy: Upon full satisfaction, at the request of the person making satisfaction, the mortgagee shall acknowledge satisfaction thereof on the margin of the record in which the mortgage is recorded.
Recording Satisfaction: If any mortgagee shall receive full satisfaction for the amount due on any mortgage, then, at the request of the person making satisfaction, the mortgagee shall acknowledge satisfaction thereof on the margin of the record in which the mortgage is recorded.
Marginal Satisfaction: The clerks in counties which use other than paper recording systems shall not allow satisfactions by marginal notations after December 31, 1995. Satisfactions by marginal notations made in counties which use other than paper recording systems after December 31, 1995, are void.
Penalty: If any person receiving satisfaction does not, within sixty (60) days after being requested, acknowledge satisfaction, he shall forfeit to the party aggrieved any sum not exceeding the amount of the mortgage money, to be recovered by a civil action.
Acknowledgment: An assignment or satisfaction must contain a proper Arkansas acknowledgment, or other acknowledgment approved by Statute.
Arkansas Statutes
14-15-407. Manner of recording. [assignment, satisfaction]
Each recorder shall, without delay, record every deed, mortgage, conveyance, deed of trust, bond, or other writing delivered to him for record, with the acknowledgment, proofs, and certificates written on or attached to the writing, and all other papers therein referred to and annexed thereto, in the order, and as of the time when, the writing has been delivered for record, by:
(1) Entering them word for word and letter for letter;
(2) Noting at the foot of each record all interlineations, erasures, and words visibly written on erasures; and
(3) Noting at the foot of the record the date of the month and year when the instrument so recorded was delivered to him or deposited in his office for record.
18-40-101. Proof or acknowledgment - Recording.
All mortgages of real estate shall be proven or acknowledged in the same manner that deeds for the conveyance of real estate are required by law to be proven or acknowledged. When so proven or acknowledged they shall be recorded in the counties in which the lands lie.
18-40-104. Acknowledgment of satisfaction on record.
(a) If any mortgagee, or his executor, administrator, or assignee,
shall receive full satisfaction for the amount due on any mortgage, then,
at the request of the person making satisfaction, the mortgagee
shall acknowledge satisfaction thereof on the margin of the record
in which the mortgage is recorded.
(b) Acknowledgment of satisfaction, made as stated in subsection
(a) of this section, shall have the effect to release the mortgage, bar
all actions brought thereon, and revest in the mortgagor or his legal representatives
all title to the mortgaged property.
(c) If any person receiving satisfaction does not, within sixty (60) days after being requested, acknowledge satisfaction as stated in subsection (a) of this section, he shall forfeit to the party aggrieved any sum not exceeding the amount of the mortgage money, to be recovered by a civil action in any court of competent jurisdiction.
(d)(1) Effective January 1, 1996, this section does not apply in counties which use other than paper recording systems. (2) The clerks in counties which use other than paper recording systems shall not allow satisfactions by marginal notations after December 31, 1995.(3) Satisfactions by marginal notations made in counties which use other than paper recording systems after December 31, 1995, are void.
18-40-106. Sufficiency of satisfaction - Transfer or assignment.
(a) Satisfaction of any mortgage, deed of trust, vendor's lien, or lien retained in deed or note made and endorsed on the margin of the record where the instrument is recorded by the mortgagee, trustee, beneficiary, agent of the owner of record of the indebtedness, or by the owner of record thereof, shall be full and complete protection for any subsequent purchaser, mortgagee, or judgment creditor of the mortgagor or grantor, unless there shall appear on the margin of the record where the instrument is recorded a memorandum showing that the mortgage, deed of trust, vendor's lien, lien retained in deed or note, or other evidence of indebtedness secured thereby has been transferred or assigned. The memorandum shall be signed by the transferor or assignor, giving the name of the transferee or assignee, together with the date of the transfer or assignment, the signature to be attested and dated by the clerk.
(b) Where it shall appear from a memorandum endorsed upon the margin of the record and attested as provided in subsection (a) of this section that the mortgage, deed of trust, vendor's lien, or other evidence of indebtedness has been transferred, satisfaction shall be made by the party appearing therein as the transferee.
(c)(1) Effective January 1, 1996, this section does not apply in counties which use other than paper recording systems.(2) The clerks in counties that use other than paper recording systems shall not allow any marginal endorsements to be made after December 31, 1995. (3) In counties which use other than paper recording systems, marginal endorsements made after December 31, 1995, are void.
18-40-107. Attestation of satisfaction - Separate release.
(a) In all cases where the party receiving satisfaction of any indebtedness secured by mortgage, deed of trust, or lien affecting real estate is required by law to acknowledge it on the margin of the record, the satisfaction shall be signed by the party and his signature shall be attested and dated by the clerk. The attestation by the clerk shall be evidence of the facts recited therein.
(b) The effectual discharge of any lien, deed of trust, or mortgage lien in note, bond, or other instrument may be made by a separate release deed or instrument duly executed, acknowledged, and recorded. This instrument, when so recorded, shall be of the same effect as a marginal entry.
(c)(1) Effective January 1, 1996, subsection (a) of this section does not apply in counties which use other than paper recording systems.(2) In counties which use other than paper recording systems, the clerks shall not allow marginal notations of satisfaction of any indebtedness after December 31, 1995.(3) In counties which use other than paper recording systems, marginal notations made after December 31, 1995, are void.
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