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.
Lima Arizona Satisfaction of Mortgage by a Corporation refers to the legal document that signifies the complete repayment and release of a mortgage loan by a corporation in the town of Lima, Arizona. It serves as proof that the corporation has fulfilled their financial obligations and has satisfied the terms and conditions of the mortgage agreement. Keywords: Lima, Arizona, satisfaction of mortgage, corporation, repayment, release, legal document, mortgage loan, financial obligations, terms and conditions. In Lima, Arizona, there are different types of Satisfaction of Mortgage by a Corporation, namely: 1. Voluntary Satisfaction of Mortgage: This type occurs when the corporation has successfully repaid the mortgage loan in full, adhering to all the terms and conditions agreed upon when the loan was initially obtained. The corporation voluntarily requests the lender or mortgagee to issue a Satisfaction of Mortgage, signifying that the debt has been completely discharged. 2. Involuntary Satisfaction of Mortgage: This type involves external factors that lead to the satisfaction of the mortgage. It can occur when the corporation defaults on the loan, leading to foreclosure proceedings. Once the foreclosure process is completed and all outstanding debts are settled, a court-ordered Satisfaction of Mortgage is issued. 3. Partial Satisfaction of Mortgage: There might be instances where a corporation decides to make partial repayments towards the mortgage loan. This could be due to various reasons, such as refinancing or restructuring the debt. In such cases, the corporation can request a Partial Satisfaction of Mortgage, indicating that a portion of the loan has been repaid while the remaining balance still exists. 4. Assignment of Satisfaction of Mortgage: Sometimes, a corporation may transfer the mortgage to another entity. In such cases, the initial lender or mortgagee can assign the Satisfaction of Mortgage to the new mortgage holder or assignee. This document confirms the transfer of both the mortgage and the associated satisfaction rights from the original corporation to the new recipient. It is essential for corporations in Lima, Arizona, to understand the different types of Satisfaction of Mortgage by a Corporation to comply with legal requirements and ensure proper closure of their mortgage loans. This documentation guarantees that the corporation has fulfilled its obligations and secures the release of the previously encumbered property.Lima Arizona Satisfaction of Mortgage by a Corporation refers to the legal document that signifies the complete repayment and release of a mortgage loan by a corporation in the town of Lima, Arizona. It serves as proof that the corporation has fulfilled their financial obligations and has satisfied the terms and conditions of the mortgage agreement. Keywords: Lima, Arizona, satisfaction of mortgage, corporation, repayment, release, legal document, mortgage loan, financial obligations, terms and conditions. In Lima, Arizona, there are different types of Satisfaction of Mortgage by a Corporation, namely: 1. Voluntary Satisfaction of Mortgage: This type occurs when the corporation has successfully repaid the mortgage loan in full, adhering to all the terms and conditions agreed upon when the loan was initially obtained. The corporation voluntarily requests the lender or mortgagee to issue a Satisfaction of Mortgage, signifying that the debt has been completely discharged. 2. Involuntary Satisfaction of Mortgage: This type involves external factors that lead to the satisfaction of the mortgage. It can occur when the corporation defaults on the loan, leading to foreclosure proceedings. Once the foreclosure process is completed and all outstanding debts are settled, a court-ordered Satisfaction of Mortgage is issued. 3. Partial Satisfaction of Mortgage: There might be instances where a corporation decides to make partial repayments towards the mortgage loan. This could be due to various reasons, such as refinancing or restructuring the debt. In such cases, the corporation can request a Partial Satisfaction of Mortgage, indicating that a portion of the loan has been repaid while the remaining balance still exists. 4. Assignment of Satisfaction of Mortgage: Sometimes, a corporation may transfer the mortgage to another entity. In such cases, the initial lender or mortgagee can assign the Satisfaction of Mortgage to the new mortgage holder or assignee. This document confirms the transfer of both the mortgage and the associated satisfaction rights from the original corporation to the new recipient. It is essential for corporations in Lima, Arizona, to understand the different types of Satisfaction of Mortgage by a Corporation to comply with legal requirements and ensure proper closure of their mortgage loans. This documentation guarantees that the corporation has fulfilled its obligations and secures the release of the previously encumbered property.
