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.
Title: Understanding Hawaii Partial Release or Satisfaction of Mortgage by a Corporation Introduction: Hawaii's legal framework allows corporations to execute Partial Release or Satisfaction of Mortgages in certain situations. This article aims to provide a comprehensive description of this process, highlighting different types of Hawaii Partial Release or Satisfaction of Mortgage by a Corporation. Key Keywords: Hawaii, Partial Release, Satisfaction of Mortgage, Corporation, Types 1. What is a Partial Release or Satisfaction of Mortgage? A Partial Release or Satisfaction of Mortgage refers to a process by which a lender acknowledges the repayment of a portion of the loan secured by a mortgage. In this scenario, the lender issues a release for a specific part of the property that was previously used as collateral. 2. Hawaii's Partial Release or Satisfaction of Mortgage by a Corporation: In Hawaii, corporations have the legal authority to execute Partial Release or Satisfaction of Mortgages under specific circumstances. Corporations might seek this option to release a portion of the property from the collateral by satisfying the debt, thereby allowing the property owner to regain control over the released portion. 3. Types of Hawaii Partial Release or Satisfaction of Mortgage by a Corporation: a) Partial Release by Payment: A corporation may choose to release a specific parcel or portion of the property from the collateral after receiving a partial payment or fulfilling certain pre-determined conditions mentioned in the mortgage agreement. b) Substitution of Collateral: In some cases, a corporation may agree to accept alternate property to substitute the released portion. The substituted property generally serves as replacement collateral and should meet certain criteria as agreed upon by the lender and the corporation. c) Partial Release due to Release Price Adjustment: If the property's value exceeds the remaining outstanding balance, corporations may negotiate with the lender for a partial release by paying an adjusted amount based on the current property valuation. d) Partial Release for Intent to Sell: Corporations might seek a partial release if they intend to sell a specific portion of the property. This type of release allows the corporation to transfer ownership of the released portion to a buyer while the remaining property remains secured by the existing mortgage. Conclusion: Hawaii's Partial Release or Satisfaction of Mortgage by a Corporation provides corporations with the ability to regain control and release specific portions of their property from mortgage collateral. By understanding the various types and conditions associated with this process, corporations can make informed decisions to suit their financial needs and objectives.
