Release Of Deed Of Trust Format For Charitable Trust

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Mississippi

Control #:

MS-S123-Z

Format:

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Description

The Release of Deed of Trust format for charitable trust is a legal document that allows the owner of a property to formally release a deed of trust, ensuring that the associated encumbrance is completely satisfied. This form contains sections for the names and addresses of all parties involved: the mortgagor/owner, the trustee, and the mortgagee/beneficiary. It also requires specific details about the original deed of trust, including the date executed, the instrument number, and the property description. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in real estate and estate planning as it facilitates the clear documentation of the release of trust obligations in charitable contexts. When filling out the form, users should ensure all names and relevant details are accurately recorded and affixed with notarization to validate the document. The simplicity and clarity of this form allows users with varying levels of legal knowledge to complete it effectively, making it an essential resource when managing real estate transactions involving charitable trusts.

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How to fill out Mississippi Satisfaction, Release Or Cancellation Of Deed Of Trust By Individual?

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FAQ

Hear this out loud PauseLenders in Texas customarily use a release of lien when the loan secured by a deed of trust has been paid in full or otherwise satisfied. The release of lien is recorded in the county where the real property collateral is located.

Hear this out loud PauseThis Deed of Trust (the ?Trust Deed?) sets out the terms and conditions upon which: [Settlor Name] (the ?Settlor?), of [Settlor Address], settles that property set out in Schedule A (the ?Property?) upon [Trustee Name] (the ?Trustee?), being a Company duly registered under the laws of [state] with registered number [ ...

Hear this out loud PauseThe most common example of when a declaration of trust is used is the situation where an adult son or daughter borrows money for a deposit on a first house from his or her parents. The parents may have a mortgage already, and the terms of that mortgage prevent them from borrowing under another.

Hear this out loud PauseA Release of Deed of Trust is a written request by the mortgage company or lender, their agent or attorney or a title insurance company to the Public Trustee. The purpose of the release is to remove all or a portion of the property from the lien created by a Deed of Trust.

The document or statement also contains details of the trust's purpose, its beneficiaries, and how it will be managed by the trustee. The declaration of trust is sometimes referred to as a nominee declaration.

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Satisfaction, Release or Cancellation of Deed of Trust by Individual

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.

Mississippi Law

Assignment: Assignments in whole or in part of any indebtedness secured by mortgage, deed of trust, or other lien of record, shall be entered on the margin of the record of the lien or said assignment shall be acknowledged and filed for record.

Demand to Satisfy: Upon full payoff, borrower may make written demand upon the lender to satisfy the deed of trust, whereupon lender has one month to do so or face liability.

Recording Satisfaction: Any mortgagee or cestui que trust, having received full payment of money due, shall enter satisfaction upon the margin of the record of the mortgage or deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same.

Marginal Satisfaction: Having received full payment of the money due by the deed of trust, lender shall enter satisfaction upon the margin of the record of the deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same.

Penalty: If not satisfied of record within 1 month of written request, penalty of $200 and liability for other damages.

Acknowledgment: An assignment or satisfaction must contain a proper Mississippi acknowledgment, or other acknowledgment approved by Statute.

Mississippi Statutes

89-5-17. Assignments of indebtedness to be marked on record

Except as provided in Section 89-5-37, all assignments in whole or in part of any indebtedness secured by mortgage, deed of trust, or other lien of record, shall be entered on the margin of the record of the lien or said assignment shall be acknowledged and filed for record, and if the assignor or assignee of said indebtedness fail to comply with the provisions of this section the debtor shall be fully protected in transactions with the holder of record in the absence of actual notice of the assignment.

89-5-21. Entry of satisfaction upon record of mortgage or deed of trust

(1) Except as otherwise provided in subsections (3), (4) and (5), any mortgagee or cestui que trust, or assignee of any mortgagee or cestui que trust, of real or personal estate, having received full payment of the money due by the mortgage or deed of trust, shall enter satisfaction upon the margin of the record of the mortgage or deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same, and shall bar all actions or suits brought thereon, and the title shall thereby revest in the grantor.
(2) Any such mortgagee or cestui que trust, or such assignee, by himself or his attorney, who does not, after payment of all sums owed, within one (1) month after written request, cancel on the record the mortgage or deed of trust shall forfeit the sum of Two Hundred Dollars ($ 200.00), which can be recovered by suit on part of the party aggrieved, and if after request, he fails or refuses to make such acknowledgment of satisfaction, the person so neglecting or refusing shall forfeit and pay to the party aggrieved any sum not exceeding the mortgage money, to be recovered by action; but such entry of satisfaction may be made by anyone authorized to do it by the written authorization of the mortgagee or beneficiary, duly acknowledged and recorded, and shall have the same effect as if done by the mortgagee or beneficiary.
(3) With respect to a mortgage or deed of trust which states on its face that it secures a line of credit, satisfaction of record shall be accomplished and extinguishment shall occur as provided in subsection (5).
(4) As used in this section, the term "line of credit" means any loan, extension of credit or financing arrangement where the lender has agreed to make additional or future advances.
(5) Any mortgagee or cestui que trust, or the assignee of a mortgagee or cestui que trust, under a mortgage or deed of trust securing a line of credit shall, upon (a) the termination or maturity of the line of credit and the payment of all sums owing in connection with the line of credit, or (b) the payment of all sums owing in connection with the line of credit and a written request by the debtor to cancel the line of credit and the mortgage or deed of trust securing the line of credit, enter satisfaction upon the margin of the record of the mortgage or deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same, and shall bar all actions or suits brought thereon, and the title shall thereby revest in the grantor. For the purpose of this subsection (5), the requirement of a written request by the debtor may be satisfied by a prospective creditor's delivery of a document, signed by the debtor, requesting cancellation of the line of credit and the mortgage or deed of trust securing the line of credit.

89-5-29. Mortgages and deeds of trust on land; how recorded

Except as hereinafter provided, all mortgages and deeds of trust upon land given to secure the payment of money, and all instruments of writing whereby a trustee is substituted under any such deed of trust, and all instruments of writing canceling or satisfaction of any such mortgage or deed of trust, shall be recorded separately from other instruments relating to land or records, and such records shall be called “records of mortgages and deeds of trust on land.

Satisfaction, Release or Cancellation of Deed of Trust by Individual

Mississippi Law

Demand to Satisfy: Upon full payoff, borrower may make written demand upon the lender to satisfy the deed of trust, whereupon lender has one month to do so or face liability.

Penalty: If not satisfied of record within 1 month of written request, penalty of $200 and liability for other damages.

Acknowledgment: An assignment or satisfaction must contain a proper Mississippi acknowledgment, or other acknowledgment approved by Statute.

Mississippi Statutes

89-5-17. Assignments of indebtedness to be marked on record

89-5-21. Entry of satisfaction upon record of mortgage or deed of trust

89-5-29. Mortgages and deeds of trust on land; how recorded

Release Of Deed Of Trust Format For Charitable Trust

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Release Of Deed Of Trust Format For Charitable Trust

Description

Related forms

Viewed forms

How to fill out Mississippi Satisfaction, Release Or Cancellation Of Deed Of Trust By Individual?

Form popularity

FAQ

How do I release a Deed of Trust in Texas?

How do you write a trust deed?

What is an example of a declaration of trust?

What does it mean to release the Deed of Trust?

What is another name for declaration of trust?

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