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A Mississippi trust is a legal arrangement where one party holds and manages assets for the benefit of another person or entity, with specific guidelines outlined in a trust agreement. This arrangement allows for the protection and efficient distribution of assets.
Anyone, including individuals, families, businesses, and organizations, can create a Mississippi trust. It is a versatile tool used for various estate planning purposes and managing assets.
There are several advantages to creating a Mississippi trust. It can provide asset protection, help minimize estate taxes, ensure privacy in asset distribution, and allow for efficient management of assets by a trustee.
A trustee is a person or entity responsible for managing and administering the assets held within a Mississippi trust. Their duty is to follow the guidelines set forth in the trust agreement and act in the best interests of the trust's beneficiaries.
Yes, it is possible to serve as the trustee of your own Mississippi trust, but it is important to consider the potential implications. It may be advisable to have a co-trustee or successor trustee to ensure the continuity of trust management.
To create a Mississippi trust, you need to consult with an attorney who specializes in estate planning and trusts. They will guide you through the process, draft the necessary legal documents, and ensure compliance with state laws.
A wide range of assets can be held in a Mississippi trust, including cash, stocks, bonds, real estate properties, businesses, life insurance policies, and more. The specific assets held within the trust depend on the creator's goals and intentions.
In many cases, it is possible to modify or revoke a Mississippi trust. However, the process and requirements for modification or revocation depend on the terms of the trust agreement and state laws. Consulting with an attorney is crucial in such situations.
Without a Mississippi trust or any other effective estate planning tool, the distribution of your assets will follow the state's default laws of intestacy. This may not align with your wishes, and it could result in delays, increased taxes, and potential disputes among your heirs.
No, a Mississippi trust is not only for wealthy individuals. While trusts can be beneficial for high-net-worth individuals, they also provide advantages to people of various financial backgrounds seeking to protect and manage their assets efficiently.
Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Mississippi Law
Assignment: Assignments in whole or in part of any indebtedness secured by mortgage, deed of trust, or other lien of record, shall be entered on the margin of the record of the lien or said assignment shall be acknowledged and filed for record.
Demand to Satisfy: Upon full payoff, borrower may make written demand upon the lender to satisfy the deed of trust, whereupon lender has one month to do so or face liability.
Recording Satisfaction: Any mortgagee or cestui que trust, having received full payment of money due, shall enter satisfaction upon the margin of the record of the mortgage or deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same.
Marginal Satisfaction: Having received full payment of the money due by the deed of trust, lender shall enter satisfaction upon the margin of the record of the deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same.
Penalty: If not satisfied of record within 1 month of written request, penalty of $200 and liability for other damages.
Acknowledgment: An assignment or satisfaction must contain a proper Mississippi acknowledgment, or other acknowledgment approved by Statute.
Mississippi Statutes
89-5-17. Assignments of indebtedness to be marked on record
Except as provided in Section 89-5-37, all assignments in whole or in part of any indebtedness secured by mortgage, deed of trust, or other lien of record, shall be entered on the margin of the record of the lien or said assignment shall be acknowledged and filed for record, and if the assignor or assignee of said indebtedness fail to comply with the provisions of this section the debtor shall be fully protected in transactions with the holder of record in the absence of actual notice of the assignment.
89-5-21. Entry of satisfaction upon record of mortgage or deed of trust
(1) Except as otherwise provided in subsections (3), (4) and (5), any mortgagee or cestui que trust, or assignee of any mortgagee or cestui que trust, of real or personal estate, having received full payment of the money due by the mortgage or deed of trust, shall enter satisfaction upon the margin of the record of the mortgage or deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same, and shall bar all actions or suits brought thereon, and the title shall thereby revest in the grantor.89-5-29. Mortgages and deeds of trust on land; how recorded
Except as hereinafter provided, all mortgages and deeds of trust upon land given to secure the payment of money, and all instruments of writing whereby a trustee is substituted under any such deed of trust, and all instruments of writing canceling or satisfaction of any such mortgage or deed of trust, shall be recorded separately from other instruments relating to land or records, and such records shall be called “records of mortgages and deeds of trust on land.
Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
Mississippi Law
Assignment: Assignments in whole or in part of any indebtedness secured by mortgage, deed of trust, or other lien of record, shall be entered on the margin of the record of the lien or said assignment shall be acknowledged and filed for record.
Demand to Satisfy: Upon full payoff, borrower may make written demand upon the lender to satisfy the deed of trust, whereupon lender has one month to do so or face liability.
Recording Satisfaction: Any mortgagee or cestui que trust, having received full payment of money due, shall enter satisfaction upon the margin of the record of the mortgage or deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same.
Marginal Satisfaction: Having received full payment of the money due by the deed of trust, lender shall enter satisfaction upon the margin of the record of the deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same.
Penalty: If not satisfied of record within 1 month of written request, penalty of $200 and liability for other damages.
Acknowledgment: An assignment or satisfaction must contain a proper Mississippi acknowledgment, or other acknowledgment approved by Statute.
Mississippi Statutes
89-5-17. Assignments of indebtedness to be marked on record
Except as provided in Section 89-5-37, all assignments in whole or in part of any indebtedness secured by mortgage, deed of trust, or other lien of record, shall be entered on the margin of the record of the lien or said assignment shall be acknowledged and filed for record, and if the assignor or assignee of said indebtedness fail to comply with the provisions of this section the debtor shall be fully protected in transactions with the holder of record in the absence of actual notice of the assignment.
89-5-21. Entry of satisfaction upon record of mortgage or deed of trust
(1) Except as otherwise provided in subsections (3), (4) and (5), any mortgagee or cestui que trust, or assignee of any mortgagee or cestui que trust, of real or personal estate, having received full payment of the money due by the mortgage or deed of trust, shall enter satisfaction upon the margin of the record of the mortgage or deed of trust, which entry shall be attested by the clerk of the chancery court and discharge and release the same, and shall bar all actions or suits brought thereon, and the title shall thereby revest in the grantor.89-5-29. Mortgages and deeds of trust on land; how recorded
Except as hereinafter provided, all mortgages and deeds of trust upon land given to secure the payment of money, and all instruments of writing whereby a trustee is substituted under any such deed of trust, and all instruments of writing canceling or satisfaction of any such mortgage or deed of trust, shall be recorded separately from other instruments relating to land or records, and such records shall be called “records of mortgages and deeds of trust on land.