What is a trust indenture real estate?

A trust indenture is an agreement in a bond contract made between a bond issuer and a trustee that represents the bondholder's interests by highlighting the rules and responsibilities that each party must adhere to. It may also indicate where the income stream for the bond is derived from.

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Montana Reconveyance - Satisfaction...

Montana Reconveyance - Satisfaction, Release or Cancellation of - Trust Indenture Deed of Trust by Individual Trustee

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Montana

Control #:

MT-S123-Z

Format:

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What this document covers

The Reconveyance - Satisfaction, Release or Cancellation of Trust Indenture Deed of Trust by Individual Trustee form is used to officially release a deed of trust on real estate in Montana. This form satisfies the legal requirements for releasing a mortgage on a property, ensuring that the described real estate is no longer encumbered by the mortgage. This form is specifically designed for situations where an individual trustee is involved, differentiating it from similar forms intended for corporate or multi-party contexts.

Key components of this form

Identification of the parties involved in the deed of trust.
A legal description of the property being released, included as an exhibit.
Details regarding the trustee's authority to convey the release.
Spaces for signatures and dates, ensuring compliance with legal formalities.
Notary acknowledgment section to authenticate the document.

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When to use this form

This form is essential in scenarios such as when a property owner has fully paid off their mortgage or when the mortgage has been satisfied for any other reason. It helps prevent any future claims or liens on the property, ensuring clear ownership. If you are an individual trustee responsible for releasing a property, this form is necessary to document the release officially.

Who should use this form

Individual trustees who manage a deed of trust and need to release it.
Property owners looking to document the release of their mortgage.
Anyone involved in a real estate transaction who needs to verify clear title.

Instructions for completing this form

Identify the parties involved by entering their names in the designated sections.
Provide a complete legal description of the property as detailed in Exhibit A.
Confirm the trustee's authority to sign on behalf of the mortgage holder.
Sign and date the form where indicated.
Have the form notarized to validate the document.

Notarization requirements for this form

Yes, this form must be notarized to be legally valid. All signatures must be acknowledged in front of a notary public, ensuring the authenticity of the document. US Legal Forms offers an integrated online notarization option, available 24/7, allowing for secure video calls and legal confirmation without the need for travel.

Common mistakes

Failing to include a complete and accurate legal description of the property.
Not obtaining a notarization, which is required for the document to be valid.
Incorrectly identifying the parties involved in the release.
Forgetting to sign and date the form before submission.

Why use this form online

Convenient access to the form at any time, allowing users to complete it at their own pace.
Editable templates let users fill in their specific information easily.
Reliable forms drafted to comply with state law, reducing the risk of errors.

Quick recap

This Reconveyance form is essential for releasing a property from a deed of trust in Montana.
Always ensure notarization for legal validity.
Provide complete and accurate information to avoid common mistakes.
Utilizing this form online streamlines the process and reduces potential errors.

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FAQ

1) Generally, any written agreement between two parties. 2) A real estate deed in which two parties agree to continuing obligations; for example, one party may agree to maintain the property and the other to make periodic payments.

Mortgage Trust Indenture (MTI) is a contractual agreement used to secure the obligations of the borrower with several lenders.A Mortgage Participation Certificate (MPC) is issued by the Trustee in favor of each lender as an evidence of the lender's participation in the MTI pool of assets.

In Montana, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. In judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay.

A trust indenture is an agreement in a bond contract made between a bond issuer and a trustee that represents the bondholder's interests by highlighting the rules and responsibilities that each party must adhere to. It may also indicate where the income stream for the bond is derived from.

Giving the wrong legal address for the property or the wrong amount of the debt can render the deed unenforceable. In some cases, the error is easy to fix, and the court will rule the deed is enforceable.

The following states may use either Mortgage Agreements or Deed of Trusts: Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, and West Virginia.

Trust indenture: means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary. See Montana Code 71-1-303.

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Reconveyance - Satisfaction, Release or Cancellation of - Trust Indenture Deed of Trust by Individual Trustee

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.

Montana Law

Execution of Assignment or Satisfaction: Must be signed by the mortgagee.

Assignment: An assignment of a real estate mortgage may be recorded in like manner as a real estate mortgage and the record thereof shall operate as due and legal notice to the mortgagor and all persons subsequently deriving title to the mortgage from the assignor as well as to all other persons, including subsequent purchasers, encumbrancers, mortgagees, or other lienholders.

Demand to Satisfy: Upon full payoff, borrower may request that lender record satisfation of the deed of trust, whereupon the lender must do so within 30 days or face liability.

Recording Satisfaction: A mortgage shall be discharged upon the record thereof by the county clerk in whose custody it shall be whenever there shall be presented to him a certificate executed by the mortgagee, and certified as in this code prescribed to entitle a conveyance to be recorded, specifying that such mortgage has been paid or otherwise satisfied or discharged.

Penalty: If mortgagee fails to record satisfaction within 30 days of request to do so from mortgagor, mortgagee is liable for damages of $100, plus all actual damages.

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

Montana Statutes

71-1-207. Recording of mortgages and assignments.
(1) Mortgages of real property may be acknowledged or proved, certified, and recorded in the same manner and with the same effect as grants of real property.
(2) An assignment of a real estate mortgage may be recorded in the same manner as a real estate mortgage, and the record operates as legal notice to the mortgagor and all persons subsequently deriving title to the mortgage from the assignor as well as to all other persons, including subsequent purchasers, encumbrancers, mortgagees, or other lienholders. An assignment must contain the assignee's post-office address at the assignee's place of residence and may not be recorded or filed unless it contains the post-office address.

71-1-211. Satisfaction of mortgage -- record thereof.

(1) A mortgage must be discharged upon the record by the county clerk in whose custody it is recorded whenever there is presented to the clerk a certificate executed by the mortgagee or the mortgagee's personal representative or assignee, acknowledged or proved and certified as prescribed in this chapter that entitles a conveyance to be recorded, specifying that the mortgage has been paid or otherwise satisfied or discharged.
(2) Every certificate and the proof and acknowledgment must be recorded at full length, and a reference must be made to the book and page containing the record in the mortgagor and mortgagee indexes as to the discharge of the mortgage.

71-1-212. Penalties for failure to give certificate of discharge or release after full performance.

After the full performance of the conditions of a mortgage and whether before or after a breach of the mortgage, a mortgagee or the personal representative or assignee of the mortgagee who refuses or neglects to execute, acknowledge, and deliver to the mortgagor a certificate of discharge or release of the mortgage within 90 days after a request for one is liable to the mortgagor or the mortgagor's heirs or assigns in the sum of $500 and all actual damages resulting from the neglect or refusal.

71-1-213. Discharge or release by other than mortgagee.

(1) If a discharge or release is made by the personal representative of the mortgagee, it must be accompanied by a certified copy of the personal representative's authority unless the authority is already recorded in the office of the county clerk and recorder where the mortgage is recorded.
(2) If the discharge or release is made by an assignee, it must be accompanied by the assignment of the mortgage unless the assignment is already recorded in the office of the county clerk and recorder where the mortgage is recorded.
(3) If the discharge or release is executed by an attorney-in-fact, the discharge or release must have attached to it the power of attorney under which it is made unless the power of attorney is already recorded in the office of the county clerk and recorder where the mortgage is recorded.
(4) If the discharge or release is executed by the heir or heirs of the mortgagee, the discharge or release must be accompanied by a certified copy of an order or decree of a court of competent jurisdiction showing the authority unless the order or decree is already recorded in the office of the county clerk and recorder where the mortgage is recorded.
(5) Foreign administrators and executors may discharge or release mortgages of record in Montana if the discharge or release of mortgages is accompanied by an authenticated copy of their letters of administration or letters testamentary, with the certificate of the clerk of the court in which the appointment was made that the letters have not been revoked and are in full force. The certificate and certified copy of letters must be recorded with the discharge or release of the mortgage. When presented and recorded, the discharge or release has the same effect as if the mortgage was discharged or released by the mortgagee.

Reconveyance - Satisfaction, Release or Cancellation of - Trust Indenture Deed of Trust by Individual Trustee

Montana Law

Execution of Assignment or Satisfaction: Must be signed by the mortgagee.

Demand to Satisfy: Upon full payoff, borrower may request that lender record satisfation of the deed of trust, whereupon the lender must do so within 30 days or face liability.

Penalty: If mortgagee fails to record satisfaction within 30 days of request to do so from mortgagor, mortgagee is liable for damages of $100, plus all actual damages.

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

Montana Statutes

71-1-211. Satisfaction of mortgage -- record thereof.

71-1-212. Penalties for failure to give certificate of discharge or release after full performance.

71-1-213. Discharge or release by other than mortgagee.

Montana Reconveyance - Satisfaction, Release or Cancellation of - Trust Indenture Deed of Trust by Individual Trustee

This form is part of a form package!

What this document covers

Key components of this form

Related forms

When to use this form

Who should use this form

Instructions for completing this form

Notarization requirements for this form

Common mistakes

Why use this form online

Quick recap

Viewed forms

Form popularity

FAQ

What does indenture mean in real estate?

What is a Mortgage Trust Indenture?

Is Montana a judicial foreclosure state?

What is a trust indenture real estate?

What makes a deed of trust invalid?

Is Montana a mortgage or deed of trust state?

What is a Montana trust indenture?

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