Most states have statutes that provide that a mortgage or deed of trust may be discharged 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. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.
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.
Maryland Satisfaction of Mortgage by a Corporation is a legal document that signifies the completion of a mortgage obligation by a corporation in the state of Maryland. This document serves as proof that the mortgage has been fully paid off and that the indebtedness has been satisfied. The process of obtaining a Maryland Satisfaction of Mortgage by a Corporation involves several steps. First, the corporation must fulfill its mortgage obligations by making all the required payments in accordance with the terms and conditions outlined in the original mortgage agreement. Once the corporation has fully repaid the loan amount, it can request a Satisfaction of Mortgage from the lender. The Satisfaction of Mortgage document is typically prepared by the lender or its attorney. It contains essential details such as the names of the parties involved, including the corporation and the lender, the date of the original mortgage, the loan amount, and the property description. The document also includes a statement acknowledging that the mortgage has been duly satisfied and discharged. In addition to the standard Maryland Satisfaction of Mortgage by a Corporation, there may be different types or variations of this document, depending on specific circumstances. Some variations may include: 1. Partial Satisfaction of Mortgage: This type of Satisfaction of Mortgage is utilized when the corporation has only paid off a portion of the original loan. It releases the lien on a specific part of the property, while the mortgage remains intact for the remaining amount. 2. Subordinate Satisfaction of Mortgage: In situations where the corporation has obtained a subsequent loan, this document is used to subordinate the satisfaction of the previous mortgage to the new one. It acknowledges the priority of the new loan over the previously paid-off mortgage. 3. Conditional Satisfaction of Mortgage: This type of Satisfaction of Mortgage is used when the corporation has fully repaid the loan, but there are certain conditions that need to be fulfilled before the mortgage can be considered completely satisfied. These conditions could include the resolution of any disputed issues related to the mortgage or the release of additional collateral. 4. Release of part of the property: In cases where the corporation wishes to sell or transfer a portion of the property covered by the mortgage, a release or partial satisfaction of mortgage is necessary. It acknowledges the release of the lien on the specific portion of the property being transferred, while the mortgage remains in effect for the remaining property. It is crucial for corporations in Maryland to ensure that they obtain a properly executed Satisfaction of Mortgage by a Corporation upon repaying their mortgage. This document provides legal proof that they have met their financial obligations and allows them to secure their property free from any encumbrances.
