Maine Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter: An In-depth Explanation In the state of Maine, a Partial Release of Mortgage or Deed of Trust is a legal document executed when a Granter sells a portion of their ownership interest in a mineral or royalty interest. This process allows the Granter to release the mortgage or deed of trust on the specific portion of the mineral or royalty interest sold, ensuring that the new owner assumes responsibility for the remaining lien on the property. Keywords: Maine, Partial Release of Mortgage, Deed of Trust, Mineral Interest, Royalty Interest, Sold by Granter Types of Maine Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter: 1. Partial Release of Mortgage/Deed of Trust on a Fractional Mineral Interest: When the Granter decides to sell only a fraction of their overall mineral interest, a Partial Release of Mortgage or Deed of Trust on a Fractional Mineral Interest is executed. This document specifies the exact portion of the mineral interest being released from the mortgage or deed of trust. It also outlines the remaining percentage still encumbered by the lien, which will continue to be the Granter's responsibility. 2. Partial Release of Mortgage/Deed of Trust on a Specific Royalty Interest: In cases where a Granter sells a specific royalty interest tied to a property, a Partial Release of Mortgage or Deed of Trust on a Specific Royalty Interest is utilized. This document states the precise royalty interest being transferred and releases the mortgage or deed of trust related to that specific portion. The remaining royalty interest will remain encumbered by the lien until the debt is satisfied. 3. Partial Release of Mortgage/Deed of Trust on Multiple Mineral/Royalty Interests: If a Granter sells multiple mineral or royalty interests across different properties or locations, a Partial Release of Mortgage or Deed of Trust on Multiple Mineral/Royalty Interests is employed. This document allows the Granter to release the mortgage or deed of trust on the specific interests being sold, ensuring that the new owners assume responsibility for those specific portions. The remaining mineral or royalty interests will still be subject to the existing lien until the debt is discharged. In conclusion, a Maine Partial Release of Mortgage or Deed of Trust on a Mineral or Royalty Interest Sold by Granter is a legal instrument used to release the mortgage or deed of trust on the portion of mineral or royalty interest being sold. These partial releases come in various forms, such as Fractional Mineral Interest, Specific Royalty Interest, or Multiple Mineral/Royalty Interests. They are essential for ensuring the transfer of ownership to the buyer while clarifying the remaining encumbered interests held by the Granter.
Maine Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor
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