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.
Minnesota Partial Release or Satisfaction of Mortgage by a Corporation is a legal document used to release or satisfy a portion of a mortgage held by a corporation on a property in Minnesota. This document is relevant in situations where the borrower has paid off a portion of the mortgage debt and the corporation is willing to release the lien on the property for that specific amount. The partial release allows the borrower to access the released portion of the property or apply for refinancing without the encumbrance of the corporation's mortgage. Key terms: 1. Minnesota: Referring to the state where the mortgage is held and the partial release is being executed. 2. Partial Release: A process of releasing or satisfying a portion of a mortgage debt instead of the full mortgage amount. 3. Satisfaction of Mortgage: Process of discharging a mortgage in full when the borrower has completely paid off the debt. 4. Corporation: A legal entity that holds the mortgage on the property. 5. Lien: The legal right of a corporation to have control over the property until the mortgage debt is fully paid off. Different types of Minnesota Partial Release or Satisfaction of Mortgage by a Corporation could include: 1. Voluntary Partial Release: This type of release occurs when the corporation agrees to release a specific portion of the mortgage by choice and in accordance with the borrower's requests and payment. 2. Involuntary Partial Release: In certain cases, such as legal disputes or court orders, a corporation might be compelled to release or satisfy a portion of the mortgage against their will. 3. Conditional Partial Release: This type of release is subject to specific conditions set forth by the corporation, such as a certain payment amount or other agreed-upon terms between the borrower and the corporation. Overall, a Minnesota Partial Release or Satisfaction of Mortgage by a Corporation is an essential legal document that facilitates the removal of a portion of a corporation's mortgage lien on a property, allowing the borrower to enjoy partial ownership rights and enabling them to pursue further financial activities without the burden of the full mortgage amount.
