Arizona Partial Release or Satisfaction of Mortgage by a Corporation

State:
Multi-State
Control #:
US-01499BG
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Word; 
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Description

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.

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FAQ

A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a ?trustee.? The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.

Under Arizona law, breach of contract claims must be brought within six years of default. This time limitation applies to Deed of Trust default actions. Therefore, Deed of Trust lenders must act promptly if they want to enforce their rights.

A Collection Lawsuit or Foreclosure Sale is barred, as more than six years have passed since the loan maturity date. 4. When does a cause of action ?accrue? upon a defaulted credit card agreement loan for the purpose of calculating the six-year statute of limitation?

What is a deed of reconveyance Arizona? A deed of reconveyance is a legal document that indicates the transfer of a property's title from lender to borrower. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full.

Acknowledgment: An assignment or satisfaction must contain a proper Arizona acknowledgment, or other acknowledgment approved by Statute. An assignment of a mortgage may be recorded in like manner as a mortgage, and the record is notice to all persons subsequently deriving title to the mortgage from the assignor.

The release or satisfaction of mortgage or release and reconveyance of deed of trust may be executed by a duly appointed attorney-in-fact of the title insurer, but such delegation shall not relieve the title insurer from any liability pursuant to this section.

If a mortgagee, trustee or person entitled to payment receives full satisfaction of a mortgage or deed of trust, he shall acknowledge satisfaction of the mortgage or deed of trust by delivering to the person making satisfaction or by recording a sufficient release or satisfaction of mortgage or deed of release and ...

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Arizona Partial Release or Satisfaction of Mortgage by a Corporation