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.
A North Dakota Partial Release or Satisfaction of Mortgage by a Corporation refers to a legal document that is filed by a corporation to release or satisfy a portion of a mortgage lien on a property in North Dakota. This document is typically used when the borrower has successfully paid off a portion of their mortgage debt and wishes to have the corresponding portion of the mortgage lien released, indicating that they have fulfilled their financial obligations. Keywords: 1. North Dakota: Refers to the state where the release or satisfaction of mortgage is taking place. 2. Partial Release or Satisfaction: Indicates that only a specific portion of the mortgage lien is being released or satisfied, rather than the entire mortgage debt. 3. Mortgage: Refers to a loan agreement in which the borrower offers their property as collateral to secure the loan. 4. Corporation: Denotes a legal entity that is distinct from its owners, typically formed to carry out business activities. 5. Lien: Represents a legal claim or encumbrance placed on a property to secure a debt or payment obligation. Different Types of North Dakota Partial Release or Satisfaction of Mortgage by a Corporation: While there may not be different types of North Dakota Partial Releases or Satisfactions of Mortgage by a Corporation, it is important to note that this type of document can be utilized for various purposes, including but not limited to: 1. Partial Prepayment of Mortgage: When the borrower makes a payment to reduce the principal amount of the mortgage loan. 2. Partial Refinancing: If the borrower refinances a portion of their existing mortgage loan to take advantage of better terms or lower interest rates. 3. Release of Collateral: In cases where the borrower wishes to release a specific property from the mortgage lien, typically due to the sale or transfer of ownership. In conclusion, a North Dakota Partial Release or Satisfaction of Mortgage by a Corporation is a document filed by a corporation to release or satisfy a portion of a mortgage lien on a property within the state. It signifies that the borrower has fulfilled their financial obligations and allows for the release of specific collateral or the reduction of the mortgage debt amount.
