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.
Keywords: Kentucky, partial release, satisfaction of mortgage, corporation, types In Kentucky, a partial release or satisfaction of a mortgage by a corporation refers to a legal process carried out by a corporation that enables the release or satisfaction of a portion of a mortgage on a property within the state. This action is typically taken when a borrower has made substantial payments towards their mortgage debt, allowing for a partial release or satisfaction of the mortgage lien recorded against the property. There are two primary types of Kentucky Partial Release or Satisfaction of Mortgage by a Corporation: 1. Partial Release of Mortgage: A partial release of mortgage occurs when a corporation agrees to release a specific portion or parcel of the property from the mortgage lien. This commonly takes place when the borrower has paid off a portion of the loan, and the corporation acknowledges that a specific area of the property is no longer encumbered by the mortgage. By obtaining a partial release, the borrower gains the freedom to sell or transfer the released portion without affecting the remaining mortgaged area. 2. Satisfaction of Mortgage in Part: A satisfaction of mortgage in part happens when a corporation acknowledges that a portion of the original mortgage loan has been paid and subsequently marks it as satisfied in the property records. This may occur when a borrower decides to refinance or make additional payments towards their mortgage, reducing the overall debt burden. The affected portion is deemed satisfied, and the corporation updates the property records accordingly. Both types of partial release or satisfaction of mortgage by a corporation require legal documentation and proper filing with the relevant county clerk's office in Kentucky to be valid. This ensures transparency and protects the interests of all parties involved in the mortgage transaction. It is essential for borrowers to carefully review the terms and conditions of their mortgage agreements to understand the possibilities and procedures associated with obtaining a partial release or satisfaction of mortgage. Seeking legal advice or consulting with a qualified professional can provide valuable guidance throughout this process. In summary, a Kentucky partial release or satisfaction of mortgage by a corporation involves the voluntary release or satisfaction of a portion of the mortgage lien on a property. This action can grant borrowers more flexibility in managing their properties and mortgages, empowering them to sell or transfer sections of their property without hindrance. Proper legal documentation and filing are crucial to ensure the enforceability and validity of these actions.
