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New Mexico Deed of Release and Full Reconveyance - Corporate Trustee

New Mexico Deed of Release and Full Reconveyance - Corporate Trustee

Name: New Mexico Deed of Release and Full Reconveyance - Corporate Trustee
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.86 (345 reviews)

Category:

Real Estate - Mortgages and Deeds of Trust

State:

New Mexico

Control #:

NM-SS123

Format:

Instant download

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Description Release Trustee Agreement

This Release - Satisfaction - Cancellation Deed of Trust - by Corporate Lender is for the satisfaction or release of a mortgage for the state of New Mexico by a Corporation. This form complies with all state statutory laws and requires signing in front of a notary public. The described real estate is therefore released from the mortgage.

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What Is A Deed Of Release And Reconveyance Form popularity

New Mexico Deed Other Form Names

Release Trustee

FAQ

A mortgage holder issues a deed of reconveyance to indicate that the borrower has been released from the mortgage debt. The deed transfers the property title from the lender, also called the beneficiary, to the borrower. This document is most commonly used when a mortgage has been paid in full.

A Substitution of Trustee is a form filed when a successor trustee takes the place of a previous trustee. A successor is a person or entity who takes over and continues the role or position of another.

Trustee's deeds convey real estate out of a trust.This type of conveyance is named for the person using the form the trustee who stands in for the beneficiary of the trust and holds title to the property.

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien.Once the document is registered, it establishes the borrower as the sole owner of the property, which is now free and clear of the previous mortgage.

When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form. is completed and signed by the trustee, whose signature must be notarized.

A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.

A deed of release or release deed is a legal document that removes the claim of a person from an immovable property and transfers his/her share to the co-owner. The release deed procedure is executed in the sub-registrars office and both the parties are required to be present for signing it.

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Deed of Release and Full Reconveyance - Corporate Trustee

Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.

New Mexico Law

Assignment: If an assignment of mortgage appears upon the proper record of such county clerk, then payment may be made to the last assignee whose assignment is so recorded, and such [full] payment shall be effectual to extinguish all claims against such mortgagor.

Demand to Satisfy: None required.

Recording Satisfaction: It is the duty of the mortgagee, trustee or the assignee of the debt or evidence of debt, as the case may be, to cause the full satisfaction of it to be entered of record in the office of the county clerk of the county where the mortgage or deed of trust is recorded.

Penalty: Failure to satisfy of record results in a fine of between $10 and $25, and liability for other recoverable costs.

Acknowledgment: An assignment or satisfaction must contain a proper New Mexico acknowledgment, or other acknowledgment approved by statute.

New Mexico Statutes

48-7-2. [Assignments of mortgages; recording; person entitled to payment; effect of failure to record; assignee's action against assignor.]

In cases where assignments of real estate mortgages are made subsequent to the date this act takes effect, and such assignments are not recorded in the office of the county clerk of the proper county, the mortgagor, his heirs, personal representatives or assigns may pay the principal debt secured by such mortgage or accrued interest thereon, prior to the recording of such assignment, to the mortgagee; but if an assignment of such mortgage appears upon the proper record of such county clerk, then such payment may be made to the last assignee whose assignment is so recorded, and such payment shall be effectual to extinguish all claims against such mortgagor, his heirs, personal representatives or assigns, for or on account of such interest or such principal indebtedness. No transfer of any note, bond or other evidence of indebtedness, by endorsement or otherwise, where such indebtedness is secured by mortgage on real estate within this state, shall prevent or operate to defeat the defense of payment of such interest or principal by the mortgagor, his heirs, personal representatives or assigns, where such payment has been made to the mortgagee whose mortgage is duly recorded or to the assignee whose assignment appears last of record in accordance with the provisions of this act [48-7-2, 48-7-3 NMSA 1978]; provided, however, that the assignee who may hold an unrecorded assignment of a real estate mortgage which is immediately subsequent to such recorded mortgage or to the last recorded assignment shall have a right of action against his assignor to recover the amount of any such payment of interest or principal made to such assignor, as upon an account for money had and received for the use of such assignee.

48-7-4. Release on record upon satisfaction of mortgage.

A. When any debt or evidence of debt secured by a mortgage or deed of trust upon any real estate in the state has been fully satisfied, it is the duty of the mortgagee, trustee or the assignee of the debt or evidence of debt, as the case may be, to cause the full satisfaction of it to be entered of record in the office of the county clerk of the county where the mortgage or deed of trust is recorded.

B. The debt or evidence of debt secured by a mortgage or deed of trust shall not have been fully satisfied for purposes of Subsection A of this section, even if all sums due thereunder have been paid in full, if the written agreement between the mortgagor or trustor and the mortgagee or beneficiary provides for the securing of a series of loans or a line of credit by a mortgage or deed of trust and the notation "Line of credit mortgage" is prominently placed on the mortgage or deed of trust that is filed with the county clerk in the county or counties in which the property is located.

C. If, at any time the obligation secured by the mortgage or deed of trust described in Subsection B of this section is fulfilled, and the balance is zero, the mortgagee or beneficiary shall cause the mortgage or deed of trust to be released of record upon written demand of the mortgagor, trustor or the successor or assignee thereof. In the event of the death or incompetence of the mortgagor or trustor, the heirs, personal representative, conservator or guardian of the mortgagor or trustor as appropriate may make the demand for release described in this subsection.

48-7-5. [Failure to release; penalty; civil liability.]

Any person who shall be guilty of violating the preceding section [48-7-4 NMSA 1978], upon conviction before any justice of the peace [magistrate] or district court having jurisdiction of the same shall be punished by a fine of not less than ten [($10.00)] nor more than twenty-five dollars [($25.00)], and shall be liable in a civil action to the owner of such real estate for all costs of clearing the title to said property including a reasonable attorney's fee.

Deed of Release and Full Reconveyance - Corporate Trustee

New Mexico Law

Demand to Satisfy: None required.

Penalty: Failure to satisfy of record results in a fine of between $10 and $25, and liability for other recoverable costs.

Acknowledgment: An assignment or satisfaction must contain a proper New Mexico acknowledgment, or other acknowledgment approved by statute.

New Mexico Statutes

48-7-2. [Assignments of mortgages; recording; person entitled to payment; effect of failure to record; assignee's action against assignor.]

48-7-4. Release on record upon satisfaction of mortgage.

48-7-5. [Failure to release; penalty; civil liability.]

New Mexico Deed of Release and Full Reconveyance - Corporate Trustee

Description Release Trustee Agreement

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How to fill out New Mexico Deed Of Release And Full Reconveyance - Corporate Trustee?

What Is A Deed Of Release And Reconveyance Form popularity

New Mexico Deed Other Form Names

FAQ

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