Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Alabama Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that signifies the release or satisfaction of a mortgage by a corporation in the state of Alabama. This document is crucial when a loan or mortgage is paid off partially before its complete term, and the lender agrees to release a portion of the property mortgaged. By doing so, it grants the borrower freedom to sell, lease, or transfer specific parts of the property without any encumbrance. The Alabama Partial Release or Satisfaction of Mortgage by a Corporation serves as proof that the mortgage debt has been partially satisfied, and the corresponding lien on the property has been lifted. This document ensures the unencumbered transferability of the released portion of the property. There are various types of Alabama Partial Release or Satisfaction of Mortgage by a Corporation, depending on the specific terms and conditions agreed upon by the lender and borrower. Some common types include: 1. Partial Release: This type of release involves the lender removing the lien and release on a specific portion or parcel of the property, while the rest remains encumbered by the mortgage. It allows the borrower to utilize or dispose of the released portion without any mortgage-related restrictions. 2. Partial Satisfaction: In this type of satisfaction, the corporation pays off a portion of the mortgage debt, and the lender acknowledges and records the partial satisfaction on the mortgage document. The lender may also release corresponding collateral or guarantees related to the satisfied portion. 3. Partial Re conveyance: This type of release involves the transfer of a specific portion of the mortgaged property from the corporation to another entity or individual. It requires the lender's consent and documentation of the transfer in the form of a partial reconveyance. The Alabama Partial Release or Satisfaction of Mortgage by a Corporation requires the involvement of both the lender and borrower. It typically includes essential information such as the names and addresses of the involved parties, the description of the property, the mortgage details, the specific portion or parcel being released, and the terms of the release. In conclusion, the Alabama Partial Release or Satisfaction of Mortgage by a Corporation is a significant legal document that allows a corporation in Alabama to release or satisfy a portion of a mortgage. It provides the borrower with the ability to utilize or transfer the released portion of the property, unencumbered by the mortgage lien.
