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.
In Georgia, a Partial Release or Satisfaction of Mortgage by a Corporation refers to a legal document that enables a corporation or company to release or satisfy a portion of its mortgage or lien against a specific property. This process is undertaken when the corporation wants to clear a part of the property from the encumbrance of a mortgage or lien due to a repayment or specific agreement reached with the lender or creditor. A Georgia Partial Release or Satisfaction of Mortgage by a Corporation involves filing a document with the appropriate county recorder's office where the original mortgage or lien was recorded. This document, commonly known as a partial release or satisfaction, specifies the exact portion of the property that is being released from the mortgage or lien. This type of release may come in various forms depending on the agreement made between the corporation and the lender/creditor, or any applicable state laws that govern such transactions. Some common types of Georgia Partial Release or Satisfaction of Mortgage by a Corporation include: 1. Partial Release by Acreage: This type of release is utilized when a corporation wants to clear a specific portion of the property, usually measured by acreage, from the encumbrance of the mortgage or lien. 2. Partial Release by Lot or Parcel: In cases where the property has been divided into individual lots or parcels, this type of release allows a corporation to release a specific lot or parcel from the mortgage or lien. 3. Partial Release by Monetary Amount: This release is based on a predetermined monetary value, where the corporation pays off a specific dollar amount of the mortgage or lien, resulting in a partial release of the property. It's important to note that the specific terms and conditions of a Georgia Partial Release or Satisfaction of Mortgage by a Corporation may vary depending on the agreement between the parties involved and any applicable state regulations. The process generally requires the completion of a release document, the signing of all relevant parties, and the proper recording of the document with the county recorder's office for it to be legally recognized. Overall, a Georgia Partial Release or Satisfaction of Mortgage by a Corporation enables corporations to effectively manage their property's encumbrances by selectively releasing portions of the property from an existing mortgage or lien, providing flexibility and opportunities for the efficient use or disposition of the property.
