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.
Title: Understanding the Oklahoma Partial Release or Satisfaction of Mortgage by a Corporation Introduction: In the realm of mortgage and corporate transactions, the concept of a partial release or satisfaction of mortgage by a corporation holds crucial significance. The state of Oklahoma entails specific regulations and guidelines pertaining to this process. In this article, we will delve into the details of what constitutes an Oklahoma Partial Release or Satisfaction of Mortgage by a Corporation, exploring its purpose, procedures, and potential types. Keywords: Oklahoma, partial release, satisfaction of mortgage, corporation, types. 1. Definition and Purpose: The Oklahoma Partial Release or Satisfaction of Mortgage by a Corporation refers to a legal process through which a corporation, acting as the mortgagee, releases or partially satisfies a mortgage on a property. The goal is to establish a new agreement that lessens the scope of the original mortgage while releasing additional encumbered portions. 2. Basic Procedure: When a corporation holds a mortgage and is approached by the property owner seeking to release a specific portion of the property from the mortgage's encumbrance, the Oklahoma Partial Release or Satisfaction of Mortgage by a Corporation process is initiated. It involves the following steps: a. Evaluation and Request: The property owner evaluates the potential portion of the property they seek to release and submits a formal request to the corporation, outlining the desired changes in the mortgage agreement. b. Agreement Negotiations: Both parties negotiate the terms of the partial release or satisfaction, taking into account existing mortgage terms, property value, and any outstanding debts. c. Documentation: Once the specific terms are agreed upon, legal documentation is prepared, outlining the revised mortgage agreement and the released or satisfied portions. This documentation must be executed according to Oklahoma state laws and regulations. d. Recording and Registration: The revised mortgage agreement, along with the associated documents, is recorded and registered with the applicable county recorder's office, ensuring public notice. 3. Types of Oklahoma Partial Release or Satisfaction of Mortgage by a Corporation: a. Partial Release: This refers to a scenario where a corporation releases a specific portion of a property from the mortgage lien. Typically, this occurs when the property owner intends to sell that portion or develop it separately. b. Satisfaction of Mortgage: In some cases, a property owner may seek to settle the entire mortgage on a specific portion of the property, rendering it free from any encumbrances. This type signifies the complete satisfaction and release of the mortgage lien. Conclusion: The Oklahoma Partial Release or Satisfaction of Mortgage by a Corporation serves as a mechanism to address the changing needs of property owners who wish to modify their mortgage agreements. This process allows for the release or satisfaction of specific portions of the property, facilitating its development, sale, or debt settlement. By understanding the procedures and types associated with this process, individuals and corporations can navigate the Oklahoma mortgage landscape with confidence. Keywords: Oklahoma, partial release, satisfaction of mortgage, corporation, types.
