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.
Rhode Island Satisfaction of Mortgage by a Corporation is a legal document that proves the full repayment of a mortgage loan by a corporation in the state of Rhode Island. When a corporation, acting as the mortgagor, pays off the mortgage in its entirety, this document is used to release the lien placed on the property by the mortgage. This satisfaction of mortgage is an essential step in the mortgage loan process as it provides evidence to the public and relevant parties that the corporation has met all of its financial obligations and that the mortgage debt has been completely settled. This document allows the corporation to officially regain ownership rights to the property and removes any encumbrances on the title. Keywords: 1. Rhode Island: Refers to the specific jurisdiction where the satisfaction of mortgage takes place. 2. Satisfaction of Mortgage: Signifies the official acknowledgment of loan repayment and the subsequent release of the lien on the property. 3. Corporation: Refers to a legal entity that can enter into contracts and hold assets, including real estate properties. 4. Mortgage Loan: Implies the loan provided by a lender to the corporation, enabling them to purchase or refinance a property. 5. Mortgagor: Represents the corporation that borrows the money and pledges the property as collateral for the mortgage loan. Different types of Rhode Island Satisfaction of Mortgage by a Corporation include: 1. Full Satisfaction of Mortgage by a Corporation: This type of satisfaction of mortgage is filed when the corporation has fully repaid the mortgage loan amount, interest, and any associated fees. It completely releases the mortgage lien on the property and restores full ownership rights to the corporation. 2. Partial Satisfaction of Mortgage by a Corporation: This variant is used when the corporation repays a portion of the mortgage loan but still has an outstanding balance. It reduces the amount of the mortgage lien on the property, reflecting the partial repayment made by the corporation. 3. Satisfaction of Second Mortgage by a Corporation: In cases where the corporation has multiple mortgages on the property, this type of satisfaction of mortgage is filed when the second mortgage is paid off in full. It removes the lien created by the second mortgage and still keeps the first mortgage lien intact. It is important to consult with legal professionals or the relevant authorities to ensure accurate and up-to-date information regarding Rhode Island Satisfaction of Mortgage by a Corporation as legal requirements may change over time.
