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.
Missouri Partial Release or Satisfaction of Mortgage by a Corporation In Missouri, a Partial Release or Satisfaction of Mortgage refers to a legal document that allows a corporation to release a portion of the property that was initially used as collateral for a mortgage loan. This release indicates that the corporation has repaid a specific portion of the mortgage debt and the corresponding lien on the property is being released. Keywords: Missouri, Partial Release or Satisfaction of Mortgage, Corporation, mortgage debt, collateral, lien, legal document Different Types of Missouri Partial Release or Satisfaction of Mortgage by a Corporation: 1. Partial Release Agreement by a Corporation: This type of release allows a corporation to release a specific portion of the property from the mortgage lien. It outlines the terms and conditions under which the release is granted, such as the amount repaid and the exact portion of the property being released. 2. Satisfaction of Mortgage by a Corporation: This type of release signifies that the corporation has fully repaid the mortgage loan, and the mortgage lien on the property is being satisfied. It confirms that the debt has been discharged and releases the property from any encumbrances related to the mortgage. 3. Subordination Agreement with Partial Release: It is possible for a corporation to enter into a subordination agreement with a lender, whereby the lender agrees to release a portion of the property from the mortgage lien in exchange for certain conditions. This type of release allows the corporation to subdivide or develop a part of the mortgaged property while keeping the remaining portion as collateral. 4. Modification Agreement with Partial Release: In some cases, a corporation may seek to modify the terms of the original mortgage agreement by obtaining a partial release. This can involve renegotiating interest rates, extending the repayment period, or adjusting other terms of the mortgage while simultaneously releasing a specific portion of the property from the lien. 5. Revocable Partial Release: A revocable partial release is a type of release that allows a corporation to temporarily release a portion of the property from the mortgage lien. This can be useful when the corporation needs to utilize the portion of the property for a specific purpose temporarily, with the understanding that the lien will be reinstated after a designated period. In conclusion, a Missouri Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that grants a corporation the ability to release a portion of the property from the mortgage lien, indicating partial repayment of the mortgage debt. Different types include partial release agreements, satisfaction of mortgage, subordination agreements, modification agreements, and revocable partial releases.
