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.
Oklahoma Satisfaction of Mortgage by a Corporation refers to a legal document that serves as proof of the corporation's full repayment of a mortgage loan taken to finance a property in Oklahoma. This document acts as a formal record to acknowledge the satisfaction of debt and ensures that the mortgage lien has been discharged. When a corporation fulfills its mortgage obligations, it becomes necessary to file a satisfaction of mortgage to remove the lien from the property title. This process provides clarity and promotes transparency in property ownership by publicly declaring the corporation's cleared debt. The Oklahoma Satisfaction of Mortgage by a Corporation includes several key components. Firstly, it identifies the parties involved, such as the corporation (mortgagor) and the lending institution (mortgagee). Their names, addresses, and contact information are typically included. Next, the document contains details about the underlying mortgage, including the original loan amount, the property description, and the date of the mortgage agreement. Additionally, the satisfaction of mortgage outlines the terms of repayment and specifies the exact amount repaid, including principal, interest, and any additional fees or charges. It records the date on which the final payment was made, signifying the successful completion of the mortgage. Notably, this document is commonly accompanied by a release of mortgage, further confirming the corporation's debt settlement. Various types of Oklahoma Satisfaction of Mortgage by a Corporation exist. Some key variations include: 1. Voluntary Satisfaction of Mortgage: This type of satisfaction of mortgage is filed voluntarily by the corporation after fulfilling the mortgage requirements entirely. 2. Involuntary Satisfaction of Mortgage: An involuntary satisfaction of mortgage may be filed in specific cases, such as when the mortgage terms are violated, or through legal proceedings initiated by the corporation or mortgagee. 3. Partial Satisfaction of Mortgage: In situations where the corporation repays a portion of the mortgage debt but decides to continue financing the remaining balance, a partial satisfaction of mortgage is filed to acknowledge the reduction of the outstanding loan amount. 4. Satisfaction of Mortgage by Assumption: If the corporation transfers the property with the mortgage to another entity or individual, and the new party assumes responsibility for the debt, a satisfaction of mortgage by assumption is executed to reflect the change in ownership and liability. 5. Satisfaction of Mortgage by Refinancing: When a corporation refinances an existing mortgage, replacing it with a new loan from a different lender, a satisfaction of mortgage by refinancing is filed to indicate the discharge of the original mortgage. In conclusion, the Oklahoma Satisfaction of Mortgage by a Corporation is an essential legal document that signifies the successful repayment of a mortgage loan by a corporation. Its proper filing ensures that the mortgage lien is removed from the property title, providing clarity and certainty in property ownership.
