Title: Understanding the Deed of Re conveyance: Definition, Types, and Case Laws Introduction: The Deed of Re conveyance is a legal document used in the real estate industry that transfers the title of a property from a trustee (usually a lender) back to the borrower (trust or) once a mortgage or loan has been fully repaid. This article aims to provide a detailed description of the Deed of Re conveyance, exploring its definition, different types, and associated case laws. Definition: A Deed of Re conveyance is a document that conveys the legal title of a property back to the borrower once the underlying loan or mortgage has been satisfied and fully paid off. This reconveyance eliminates the lender's interest, assuring that the borrower obtains full ownership of the property. Types of Deeds of Re conveyance: 1. Traditional Deed of Re conveyance: This is the most common form of the deed, typically used in mortgages or trust deeds. It signifies the full repayment of the loan, releases the lender's interest, and returns the property title to the borrower. 2. Foreclosure Deed of Re conveyance: In foreclosure cases, a Deed of Re conveyance may be issued if the property is sold at a foreclosure auction. This type of deed conveys the property back to the borrower after the foreclosure process is successfully completed. 3. Partial Re conveyance Deed: A Partial Re conveyance Deed is utilized when only a portion of the mortgage or loan has been repaid. This deed releases the lender's interest in the portion that has been paid off, while the borrower retains an ongoing obligation for the remaining unpaid portion. Case Laws: 1. Wilson v. Sampson (1891): In this significant case, the court ruled that a Deed of Re conveyance is a powerful instrument that completely clears the title of the property from any encumbrances. It solidifies the borrower's right to full ownership, ensuring the lender has no further claims against the property. 2. Garcia v. Rojas (1967): This case highlighted the importance of clear language and accurate documentation in a Deed of Re conveyance. The court ruled that the deed should explicitly state the borrower's intent to reconvey the property's title and must be executed in accordance with applicable legal requirements. 3. Merkel v. Pavlov (1986): This case involved a dispute regarding the terms of a Deed of Re conveyance. The court stated that any ambiguities or conflicting provisions in the deed should be resolved in favor of the borrower, as the trust or is the rightful owner of the property after repaying the loan. Conclusion: The Deed of Re conveyance is a critical legal document that releases the lender's interest in a property and transfers the title back to the borrower following the full repayment of a loan or mortgage. Understanding its definition, various types, and relevant case laws is crucial for both lenders and borrowers involved in real estate transactions. By adhering to proper legal procedures and documentation, the Deed of Re conveyance ensures a smooth conveyance of property ownership, safeguarding the rights of all parties involved.
Deed Of Reconveyance Definition With Case Laws
Description deed of reconveyance definition
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RIGHT TO CLAIM EXEMPTION FROM GARNISHMENT Laws of the State of Alabama and of the United States provide that in some circumstances certain money and property may not be taken to pay certain types of court judgments, because certain money or property may be ?exempt? from garnishment.
Stop wage garnishment in Alabama with a claim of exemption If your wages are being garnished in Alabama and you can't afford to pay your basic living expenses, you can fill out a Declaration and Claim of Exemption for Wages to officially ask the court to protect your paycheck.
Wage garnishment laws in Alabama are basically the same as federal laws. ing to Alabama law, creditors can't take more than 25% of your weekly disposable earnings or they can't take an amount of your disposable income that exceeds 30 times the federal minimum hourly wage, whichever is less (Ala. Code § 6-10-7).
4. Open a Wage Account or Government Benefit Account. Some states, such as Florida, have statutes that exempt the garnishment of wages of the head of the family. In addition, most federal benefits, such as social security or disability payments, are exempt from garnishment by federal laws.
There are specific funds protected from wage garnishment However, if you and your wife have a joint bank account, there is a risk that a creditor could garnish funds in the joint account, even if a judgment is only entered against you.
Ordinary garnishments Under Title III, the amount that an employer may garnish from an employee in any workweek or pay period is the lesser of: 25% of disposable earnings -or- The amount by which disposable earnings are 30 times greater than the federal minimum wage.
How much of my paycheck can be garnished? Nothing, unless your take-home pay is at least $217.50 per week. Subtract from your gross income pay legally required deductions. ... If your take-home pay is more than that: No more than 25 percent of your pay can be garnished.
Alabama's wage garnishment laws are similar to federal wage garnishment laws. For the most part, creditors with judgments can take only 25% of your wages. But in some cases, you might lose more to a garnishment.