Release Of Deed Of Trust Format For Temple

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 temple serves as a formal document recognizing the satisfaction and release of a deed of trust, effectively discharging any obligations associated with the associated real estate. This document is structured to include essential details such as the names and addresses of the mortgagor, trustee, and mortgagee, as well as the legal description of the property. Users must ensure accurate completion by recording relevant details from the original deed of trust, as required in the provided sections. Editing instructions emphasize the importance of clear identification and the necessity to verify that all information aligns with records held by the appropriate county clerk. This form is particularly useful for attorneys, partners, and owners involved in real estate transactions, ensuring compliance and clarity in the transfer or resolution of property claims. Paralegals and legal assistants might find it essential for drafting and filing purposes, aiding in the management of property rights and obligations. Furthermore, this document promotes legal clarity, reducing potential disputes by providing a concise mechanism for formally concluding financial obligations tied to real property.

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

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FAQ

Process for Temple Registration as a Trust Choose a Name: ... Decide the Authors and Trustees: ... Prepare MOA and Trust Deed: ... Printing of Trust Deed on Stamp Paper: ... Submission of Trust Deed: ... Issuance of the Certificate of Registration:

Temple Trust means the trust constituted for the overall control and management of the Markandeya Temple. The said Trust comprises of 14 members including Temple Officer (who is the local Tehsildar) with SDM, Bilaspur being the Chairman of the Trust; Sample 1.

The process for dissolving a trust through the consent of beneficiaries is as follows: the beneficiaries together agree to dissolve the trust; the beneficiaries discharge the trustee; trust property is directed to the beneficiaries; and. it is recorded that the trust is terminated.

If your circumstances change any you are no longer able to make your payments, your Trust Deed may fail and you will still be liable for your debts or even forced into bankruptcy.

A simple example would be the situation in which one member of a family advances money to another and asks the second member to hold the money or to invest it for him. A more complicated example of an implied trust would be the situation in which one party provides money to another for the purchase of property.

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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 Temple

Description

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

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FAQ

How do you form a trust for a temple?

What is the meaning of Temple trust?

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What is the disadvantage of a trust deed?

What is an example of a trust?

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Release Of Deed Of Trust Format For Temple

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 you form a trust for a temple?

What is the meaning of Temple trust?

How do I dissolve a Trust Deed in India?

What is the disadvantage of a trust deed?

What is an example of a trust?

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