Rhode Island Satisfaction, Release or Cancellation of Mortgage by Corporation

Q: Who records mortgage documents?

Go to the county recorder&#039;s office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder&#039;s office.

Q: What is mortgage release satisfaction and discharge?

Once you&#039;ve paid off your outstanding mortgage debt, the lender must prepare and issue a release of mortgage. This document officially discharges you from the debt obligation and removes the lien against the property.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Rhode Island

Control #:

RI-S123

Format:

Instant download

This form is part of a form package!

Get all related documents in one bundle, so you don’t have to search separately.

View package

About this form

The Satisfaction, Release or Cancellation of Mortgage by Corporation is a legal document used to formally release a mortgage on property in Rhode Island. This form is specifically designed for use by a corporation as the lender and ensures that the mortgage is canceled in accordance with state laws. It differs from similar forms in that it is tailored for corporate lenders and includes specific requirements for notarization and execution.

Key components of this form

Date of the mortgage and parties involved (mortgagor and mortgagee)
Property description as outlined in the original mortgage
Details of any assignments of the mortgage
Signature section for the corporation, including the name and title of the signing authority
Notary acknowledgment section for legal validation

Release of Mortgage of Lien

View this form

Discharge of Mortgage

View this form

Release of Mortgagor

View this form

Partial Release of Mortgage Property

View this form

Letter Notice to Borrower of Satisfaction of Mortgage

View this form

When this form is needed

This form is necessary when a corporation has received full payment on a mortgage and wishes to release the lien on the property. It is commonly used in real estate transactions, refinancing, or when a borrower has satisfied their obligations under the mortgage agreement.

Who this form is for

This form is intended for use by:

Corporations acting as mortgage lenders
Representatives of a corporation authorized to execute documents
Property owners seeking to confirm the satisfaction of their mortgage

Completing this form step by step

Identify the date when the mortgage was executed and fill in the details of the mortgagor and mortgagee.
Describe the property as it is stated in the original mortgage document.
Include details of any mortgage assignments, if applicable.
Have an authorized representative from the corporation sign the form, including their title.
Complete the notary acknowledgment section to ensure the form is legally binding.

Does this document require notarization?

This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.

Built-in online Word editor

Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Export easily

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

E-sign your document

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

Notarize online 24/7

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

Store your document securely

We protect your documents and personal data by following strict security and privacy standards.

Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

Typical mistakes to avoid

Failing to provide the complete property description.
Not having the necessary signatory from the corporation sign the document.
Neglecting to include details of any mortgage assignments when applicable.
Overlooking the notary requirements, which may invalidate the form.

Benefits of completing this form online

Convenience of downloading the form anytime, eliminating the need for a physical visit to a lawyer.
Editability allows users to fill in personalized details at their own pace.
Access to legally sound templates drafted by licensed attorneys, ensuring compliance with state regulations.
Immediate access to notary services online can expedite the completion process.

Looking for another form?

This field is required

Home Sale Deed Quitclaim Deed Lady Bird Deed Mortgage Right of First Refusal Land or Executory Contract

Instructions: How to Fill Out the Petition...

View this form

Certificate of Mailing Citation

View this form

Revocable Living Trust for Grandchildren

View this form

A21 Certificate of Service

View this form

Alaska Landlord Tenant Eviction / Unlawful...

View this form

Attachment to Proposed Consent Order of Ag...

View this form

Form popularity

FAQ

Register the discharge of mortgage Once you return the Discharge Authority form, your bank would prepare a Discharge of Mortgage document. This document must be registered at the Land Titles office.

Go to the county recorder's office or local courthouse to find recorded mortgages. In states such as California, deeds, liens, mortgage documents and various types of land documents are available for review in the recorder's office.

Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.

Once you've paid off your outstanding mortgage debt, the lender must prepare and issue a release of mortgage. This document officially discharges you from the debt obligation and removes the lien against the property.

What is Satisfaction of Mortgage? A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

In some cases, a mortgage may have been sold by the mortgage lender to another financial institution. If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.

In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.

You may contact us at (407) 836-5115 to request a search of your Satisfaction of Mortgage. You may also utilize our web site (www.occompt.com) to see if your Satisfaction has been recorded. Your Satisfaction is recorded under the names of the borrower/mortgagor on the original loan.

Petition for Temporary Restraining Order and/or Petition and Motion for Injunction Hearing (Child Abuse)

View this form

Petition for Temporary Restraining Order and/or Petition and Motion for Injunction Hearing (Harassment)

View this form

Order to Modify Mandatory Release Date/Extended Supervision/Good Time

View this form

Order to Sheriff for Firearms Record Check / Response of Sheriff

View this form

Order on Prisoner's Petition for Waiver of Prepayment of Fees/Costs Based on Imminent Danger

View this form

Trusted and secure by over 3 million people of the world’s leading companies

Satisfaction, Release or Cancellation of Mortgage by Corporation

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.
Rhode Island Law
Assignment: Assignee may not enforce rights until assignment is recorded.
Demand to Satisfy: A request must be made and reasonable charges for the satisfaction tendered to the mortgagee, who, within ten days after receipt, must discharge the mortgage of record.
Recording Satisfaction: Satisfaction (discharge) may be recorded by the mortgagee indicating upon the recorded mortgage document that same is cancelled and satisfied, and signing the document. Satisfaction may also be achieved by a separate document (a deed of release) duly acknowledged and recorded.
Marginal Satisfaction: Satisfaction (discharge) may be recorded by the mortgagee indicating upon the recorded mortgage document that same is cancelled and satisfied, and signing the document.
Penalty: If mortgagee fails to discharge the mortgage within 10 days of request and receipt of fee, the mortgagee shall pay a penalty to the mortgagor for noncompliance in the amount of fifty dollars ($50.00) for a first day of noncompliance and five dollars ($5.00) for each day thereafter that the party remains in noncompliance. The mortgagor shall also be entitled to a reimbursement of reasonable attorney's fees. (See below, § 34-26-5, for details).
Acknowledgment: An assignment or satisfaction must contain a proper Rhode Island acknowledgment, or other acknowledgment approved by Statute.
Rhode Island Statutes
§ 34-26-2 Right to discharge on satisfaction of mortgage - Escrow accounts. -
(a) Every mortgagee of real estate, his, her or its heirs, executors, administrators, successors, or assigns, having received full satisfaction for the money due on the mortgage, shall, within thirty (30) days after final payment, discharge the mortgage as provided in § 34-26-3 or by separate instrument of release of the mortgage, and shall send the discharge to be recorded in the proper record book with suitable references to the original record, including the mortgagor's name and address, which shall forever afterwards discharge, defeat and release the mortgage and perpetually bar all actions to be brought thereon in any court. Upon forwarding the discharge for recording the mortgagee shall notify the mortgagor. Any mortgagor or his agent upon tendering final payment to the mortgagee in full satisfaction of the mortgage may in writing require the mortgagee to issue the discharge by separate instrument of release, directly to a designated person or real estate closing officer within the thirty (30) day period.
(b) Every mortgagee of real estate, his, her or its heirs, executors, administrators or successors or assigns, having received full satisfaction for the money due on the mortgage, shall, within thirty (30) days after final payment, disburse to the mortgagor any and all funds held in escrow under the terms of the mortgage.
History of Section.
(G.L. 1896, ch. 207, § 5; G.L. 1909, ch. 258, § 5; G.L. 1923, ch. 302, § 5; G.L. 1938, ch. 442, § 5; G.L. 1956, § 34-26-2; P.L. 1960, ch. 147, § 3; P.L. 1980, ch. 240, § 1; P.L. 1987, ch. 216, § 1; P.L. 1993, ch. 53, § 1; P.L. 1993, ch. 143, § 1; P.L. 2000, ch. 482, § 1.)
§ 34-26-3 Methods of discharge. -
A mortgage may be discharged in whole or in part by an entry acknowledging the satisfaction thereof or the payment thereon, as the case may be, made on the face or back of the mortgage, or upon the face or margin of the record of the mortgage, in the records of land evidence, and signed by the mortgagee or by his or her executor, administrator, successor, or, if the mortgage be assigned, by the assignee or his or her executor or administrator; and such entry shall have the same effect as a deed of release duly acknowledged and recorded.
History of Section.
(G.L. 1896, ch. 207, § 6; G.L. 1909, ch. 258, § 6; G.L. 1923, ch. 302, § 6; G.L. 1938, ch. 442, § 6; G.L. 1956, § 34-26-3.)
§ 34-26-4 Requiring assignment of mortgage in lieu of discharge - Enforcement by incumbrancers. -
Where a mortgagor is entitled to redeem, he or she shall by virtue of this section have power to require the mortgagee, instead of discharging or reconveying, and on the terms on which he or she would be bound to discharge or reconvey, to assign the mortgage debt and convey the mortgaged property to such third person as the mortgagor directs; provided, that the mortgagor assumes the expense of making the assignment and conveyance, and obligates himself or herself to have the same recorded, and the fact of the transfer being made shall be prima facie evidence that the assumption of expense and the obligation have been made; and the mortgagee shall, by virtue of this section, be bound, on being relieved of all expense and having the obligation made to him or her, to assign and convey accordingly; and the right shall belong to and be capable of being enforced by each incumbrancer, or by the mortgagor, notwithstanding any intermediate incumbrance, but a requisition of an incumbrancer shall prevail over a requisition of the mortgagor and, as between incumbrancers, a requisition of a prior incumbrancer shall prevail over a requisition of the mortgagor and, as between incumbrancers, a requisition of a prior incumbrancer shall prevail over a requisition of a subsequent incumbrancer. This section does not apply in the case of a mortgagee being or having been in possession. 
 
History of Section. 
(G.L. 1896, ch. 207, § 7; G.L. 1909, ch. 258, § 7; G.L. 1923, ch. 302, § 7; G.L. 1938, ch. 442, § 7; G.L. 1956, § 34-26-4.) 
 
§ 34-26-5 Liability of mortgagee for failure to discharge, release, or transfer mortgage. – 
 
(a) If any mortgagee, his, her or its heirs, executors, administrators, agents, successors, or assigns, shall not, within ten (10) days after a request made in that behalf and a tender of all reasonable charges therefor, discharge the mortgage in one of the modes aforesaid, or otherwise make and execute a release and quitclaim of the estate so mortgaged, and acknowledge it before some proper officer, or transfer the mortgage if required under the provisions of § 34-26-4, he, she, or they so refusing shall be liable to make good all damages that shall accrue for want of the discharge, release, or transfer, to be recovered in a civil action; and in case judgment shall pass against the party sued, the mortgagee shall pay the plaintiff reasonable attorney’s fees and triple costs upon the suit. 
 
(b) In the event of noncompliance with the provisions of either this section andr § 34-26-2, the mortgagee shall pay a penalty to the mortgagor for noncompliance in the amount of fifty dollars ($50.00) for a first day of noncompliance and five dollars ($5.00) for each day thereafter that the party remains in noncompliance. The mortgagor shall also be entitled to a reimbursement of reasonable attorney’s fees, if applicable, for the costs incurred by the mortgagor andr his, her or its attorneys in attempting to obtain a discharge to which the mortgage was lawfully entitled pursuant to the provisions of this section andr § 34-26-2. Demand for penalties and, if applicable, attorney’s fees and costs pursuant to this section may be made to the department of business regulation, in those instances in which the mortgagee is a regulated institution as defined in Title 19, and the department shall direct such regulated institutions to pay applicable penalties and reimburse effected mortgagors for attorneys fees and costs incurred, on confirmed instances of noncompliance. The department may promulgate rules and regulations governing the processing of such reimbursement. In those instances in which the mortgagee is not a regulated institution as defined in Title 19, the Department shall provide the mortgagor with the name, address and telephone number of the regulatory agency having jurisdiction over the actions of such mortgagees. 
 
(c) As used herein, the term “first day of noncompliance” shall mean the first day following the last day for a mortgagee or similar party to discharge the mortgage. 
 
History of Section. 
(G.L. 1896, ch. 207, § 8; G.L. 1909, ch. 258, § 8; G.L. 1923, ch. 302, § 8; G.L. 1938, ch. 442, § 8; G.L. 1956, § 34-26-5; P.L. 1986, ch. 216, § 1; P.L. 1999, ch. 476, § 1.) 
 
§ 34-26-6 Other forms of discharge or release preserved. – 
 
Nothing contained in this chapter shall be so construed as to defeat, invalidate, annul, or render ineffectual any other legal or equitable discharge, payment, satisfaction, or release of any mortgage.

Satisfaction, Release or Cancellation of Mortgage by Corporation

Rhode Island Satisfaction, Release or Cancellation of Mortgage by Corporation

This form is part of a form package!

About this form

Key components of this form

Related forms

When this form is needed

Who this form is for

Completing this form step by step

Does this document require notarization?

Get your form ready online

Typical mistakes to avoid

Benefits of completing this form online

Looking for another form?

Viewed forms

Form popularity

FAQ

Who prepares discharge of mortgage?

Who records mortgage documents?

How do I file a satisfaction mortgage?

How do I complete a satisfaction mortgage?

What is mortgage release satisfaction and discharge?

What is a recorded satisfaction or release of mortgage?

Who is responsible for filing satisfaction of mortgage?

How do I record my mortgage satisfaction?

How do you know if your mortgage is satisfied?

Explore more forms

Trusted and secure by over 3 million people of the world’s leading companies