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.
West Virginia Partial Release or Satisfaction of Mortgage by a Corporation refers to a legal process that allows a corporation to release or satisfy a portion of their mortgage on a property in West Virginia. This typically occurs when the corporation has paid off a certain amount of the mortgage principal and wishes to release a portion of the property from the mortgage lien. In West Virginia, there are different types of partial releases or satisfactions of mortgage that a corporation can pursue: 1. Partial Release of Mortgage: This type of release involves a corporation requesting a release of a specific portion of the mortgaged property. It is commonly used when a corporation wants to sell or transfer a part of the property while keeping the remaining portion still under the mortgage. 2. Partial Satisfaction of Mortgage: Here, a corporation pays off a portion of the outstanding principal amount on the mortgage. By doing so, they reduce the total amount of the mortgage loan, effectively satisfying a part of it. This type of release is often pursued when a corporation wants to reduce its debt burden or decrease mortgage liability. 3. Release of Additional Collateral: In some cases, a corporation may offer additional collateral to secure a loan. However, as the corporation pays off a portion of the mortgage, they might want to release some additional collateral from the mortgage lien. This allows the corporation to free up the additional collateral while still maintaining the mortgage on the remaining property. It is important for a corporation to follow the necessary legal procedures when requesting a partial release or satisfaction of mortgage in West Virginia. This involves filing the appropriate documents with the county clerk or recorder's office, providing evidence of the partial payment made, and obtaining the consent of the mortgage lender. Keywords: West Virginia, partial release, satisfaction of mortgage, corporation, mortgage lien, mortgage principal, property, transfer, outstanding principal, mortgage loan, debt burden, decrease mortgage liability, collateral, legal procedures.
