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.
Connecticut Partial Release or Satisfaction of Mortgage by a Corporation is a legal document used to release or satisfy a portion of a mortgage held by a corporation in the state of Connecticut. This document is typically utilized when a borrower has made partial payments towards their mortgage and is seeking to release a specific portion of the property from the mortgage lien. The Connecticut law allows corporations to grant partial releases or satisfactions of mortgages in certain circumstances. By releasing a portion of the mortgage, the borrower becomes free from the lien on the specific property described in the document. There are two main types of Connecticut Partial Release or Satisfaction of Mortgage by a Corporation: 1. Partial Release of Mortgage: This type of release is used when the borrower has made payments towards the mortgage principal and wishes to free a specific portion of the property from the mortgage lien. By completing this release, the corporation acknowledges that a portion of the mortgage has been satisfied, releasing the lien on that particular portion of the property. 2. Satisfaction of Mortgage in Connection with a Partial Payment: In cases where the corporation agrees to accept a partial payment from the borrower, this type of release is utilized. It acknowledges the receipt of the partial payment and releases the lien on the specific portion of the property associated with that payment. However, it is important to note that this does not entirely satisfy the mortgage but only a portion of it. When drafting a Connecticut Partial Release or Satisfaction of Mortgage by a Corporation, it should include the following key elements: 1. Parties involved: The document should identify the corporation holding the mortgage and the borrower(s) seeking the partial release or satisfaction. 2. Property description: The document needs to include an accurate description of the property being released from the mortgage. This should include the address, legal description, and any other identifying information. 3. Mortgage details: The original mortgage details such as the date of the mortgage, the principal amount, and the recording information should be mentioned. 4. Partial release/satisfaction terms: The document should clearly state the agreed-upon terms for the partial release or satisfaction, including the specific portion of the property to be released, the amount paid (if applicable), and any other conditions agreed upon by both parties. 5. Signatures and notarization: The document must be signed by authorized representatives of the corporation and the borrower(s) involved. It should also be notarized to ensure its legality and authenticity. In conclusion, the Connecticut Partial Release or Satisfaction of Mortgage by a Corporation provides a means for corporations to release or satisfy a portion of a mortgage when the borrower has made partial payments towards the debt. This legal document ensures that both the borrower and corporation are in agreement regarding the release of the lien on the specified property.
