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.
Utah Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that acknowledges the repayment of a portion of a mortgage loan by a corporate borrower. This release or satisfaction signifies that the mortgage debt has been partially settled, releasing a specific portion of the property from the mortgage lien. In Utah, there are primarily two types of Partial Release or Satisfaction of Mortgage by a Corporation: 1. Partial Release of Mortgage: This type of release occurs when a corporation pays off a portion of the outstanding mortgage balance. It is often employed when the borrower wants to sell a portion of the property or secures additional financing against a specific part of the property while keeping the rest as collateral. The Partial Release of Mortgage allows the corporation to convey clear title to the released portion, enabling potential buyers or lenders to establish a new lien or mortgage. 2. Partial Satisfaction of Mortgage: In this scenario, a corporation has successfully made partial payments towards the mortgage loan, thus satisfying a portion of the overall debt. The Partial Satisfaction of Mortgage lessens the principal amount owed and reduces the mortgage liability on the remaining property. It releases the corporation from the obligation to pay the discharged portion, though the mortgage still remains in force for the remaining balance. Both types of Partial Release or Satisfaction of Mortgage by a Corporation require the involvement of all relevant parties, including the corporation, lender, and potentially, a title company or attorney. The process typically begins with drafting a formal agreement or amendment to the original mortgage document. This agreement outlines the specific terms, conditions, and partial repayment details, ensuring all parties are in agreement. To initiate a Partial Release or Satisfaction of Mortgage in Utah, the corporation must submit the necessary documentation to the county recorder's office where the mortgage was originally recorded. This includes the original mortgage document, the agreement or amendment, and any supporting evidence of partial repayment made. The county recorder will then file the release or satisfaction, updating the public records to reflect the released portion or reduced debt. It is crucial for corporations and lenders to understand the requirements and procedures associated with Utah Partial Release or Satisfaction of Mortgage. Seeking legal counsel or guidance from real estate professionals is highly recommended ensuring compliance with all relevant laws and regulations throughout the process.
