Effective - 01 Jan 1986
443.110. Partial release of certain mortgages, deeds of trust or security instruments made how — conditions — requirements. — Whenever any security instrument heretofore or hereafter executed, providing for the issue of a series of notes or bonds aggregating one hundred thousand dollars or more not including interest or interest notes or coupons secured in whole or in part by property located in this state, by its terms confers authority upon the trustee or trustees therein named, or either of them, to release the property or any part thereof encumbered by any such security instrument from the lien thereof, such release may be so made and it shall be the duty of the recorder of deeds of the county in which the property so released from such security instrument shall be situated to accept and record in the proper records any deed of release executed and duly acknowledged by such trustee, pursuant to the authority conferred by such security instrument, releasing the whole or any part of such mortgaged property; provided, however, that in the case of a security instrument which shall not have been qualified under the Federal Trust Indenture Act of 1939, as from time to time amended, no such release shall be made unless such security instrument shall contain a provision requiring that the amount due under the security instrument or the amount of money or other consideration received from the sale of the property described in such release or such portion thereof as may be stipulated in such security instrument shall be deposited with some banking firm or banking corporation or trust company named in such security instrument for the benefit of the holders of such notes or bonds, or a provision requiring that there shall have been reinvested in property subject to the lien of such security instrument an amount of money equal to the value of the property so released; provided, however, if there shall have been such reinvestments as provided by the terms of such security instrument, which shall not have been qualified under the Federal Trust Indenture Act of 1939, as from time to time amended, there shall be filed with the recorder of deeds, together with the aforesaid release, a certificate that at a meeting of the bondholders or noteholders, held at the place named in the security instrument for the payment of the principal of such bonds or notes, after publication of notice of such meeting for two weeks in some newspaper regularly published at such place, less than a majority in interest of the bonds or notes represented at such meeting voted against such release or a certificate that none of the bonds or notes were represented at such meeting. Such certificate shall be made by the person who shall at such meeting be elected chairman thereof, and upon the filing thereof the recorder of deeds shall record said release as aforesaid; and provided further, that if the mortgaged property be subject to several security instruments, and upon the sale of only a part of the property covered by such security instruments, the amount of money or other consideration received from the sale of the property described in such release shall have been deposited with the banking firm or banking corporation or trust company named in the first security instrument for the benefit of the holders of the notes or bonds thereby secured in the order of their priority, and the excess if any, for the benefit of the holders of notes or bonds secured by the subsequent security instruments in the order of their priority, and such depositary shall so certify, then the property so sold may be released by the trustees in each of the security instruments, which confer authority upon the trustee or trustees therein named to release such property from the lien of such security instruments.
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(RSMo 1939 § 3470, A.L. 1947 V. I p. 229, A.L. 1985 H.B. 210)
Prior revisions: 1929 § 3083; 1919 § 2242
Effective 1-01-86
Structure Missouri Revised Statutes
Title XXIX - Ownership and Conveyance of Property
Chapter 443 - Mortgages, Deeds of Trust and Mortgage Brokers
Section 443.005 - Security instrument defined.
Section 443.020 - Claim of such extension barred, when.
Section 443.030 - Prior acknowledgment of deed of trust deemed valid.
Section 443.060 - Acknowledgment of satisfaction and release, how made.
Section 443.070 - Affidavit required with deed of release, when — penalty for failure.
Section 443.090 - Part of property may be released, how.
Section 443.120 - Penalty for making false affidavit.
Section 443.130 - Liability for failing to satisfy — demand by certified mail required.
Section 443.140 - Attorney in fact may enter satisfaction.
Section 443.150 - Acknowledgment and satisfaction — how made by a corporation.
Section 443.160 - Personal representative may satisfy and deliver deed or release.
Section 443.170 - Penalty for failing to acknowledge satisfaction and deliver deed of release.
Section 443.180 - Sections 443.160 and 443.170 construed.
Section 443.185 - Releases of mortgages or deeds of trust defective — deemed valid, when.
Section 443.190 - Petition to foreclose, where filed.
Section 443.200 - Petition, where filed.
Section 443.210 - Proceedings to be as in civil actions.
Section 443.220 - Who may be made parties.
Section 443.230 - Judgment on constructive notice.
Section 443.240 - Judgment on personal service.
Section 443.250 - Proceedings where mortgagee, secured party, mortgagor or debtor dies.
Section 443.260 - Judgment when personal representative is party defendant.
Section 443.270 - Execution to be a special fieri facias.
Section 443.280 - Title which purchaser acquires.
Section 443.290 - Mortgages and security agreements with power of sale.
Section 443.300 - Death of debtor, foreclosure stayed.
Section 443.310 - Sales, where made — number of days' notice.
Section 443.320 - Notice, contents — how published.
Section 443.330 - Trustee failing to execute trust, parties interested may proceed, how.
Section 443.355 - Continuance of sale by trustee without readvertisement, manner — restrictions.
Section 443.360 - Compensation of trustees under trust deeds.
Section 443.370 - Penalty for overcharging.
Section 443.380 - Recitals in deed prima facie evidence.
Section 443.400 - Redemption before sale.
Section 443.410 - Foreclosures by trustee's sale — how made — redemption.
Section 443.415 - Mortgage may be insured for certain buyers, amount, requirements.
Section 443.420 - Notice of redemption — how given, rights.
Section 443.430 - Motion for approval of bond for redemption — hearing — receiver — additional bond.
Section 443.440 - Certificate of sale — upon failure to redeem, deed to be executed.
Section 443.453 - Financial institutions to pay property tax, how.
Section 443.454 - Enforcement and servicing of real estate loans, federal and state law preemption.
Section 443.701 - Citation of law.
Section 443.703 - Definitions.
Section 443.706 - Licensure required, when — effective date — exemptions.
Section 443.707 - Loan processors and underwriters, license required.
Section 443.709 - Rulemaking authority — expedited review and licensing procedures permitted, when.
Section 443.713 - Findings required for licensure.
Section 443.717 - Prelicensing education requirements.
Section 443.719 - Written test required, test measures — minimum competency requirements.
Section 443.721 - Renewal of licensure, minimum standards.
Section 443.723 - Continuing education requirements.
Section 443.725 - Duties of director — rule requirements authorized.
Section 443.727 - Challenge of information in NMLSR.
Section 443.729 - Supervision and enforcement — civil penalty.
Section 443.731 - Surety bond requirements.
Section 443.733 - Supervisory information sharing — confidentiality requirements.
Section 443.735 - Investigations and examinations, authority of director.
Section 443.739 - Reports of condition required.
Section 443.741 - Violations, director required to report.
Section 443.745 - Unique identifier to be shown on applications, solicitations, or advertisements.
Section 443.747 - Severability clause — rulemaking authority.
Section 443.805 - License required to broker residential mortgage.
Section 443.807 - Director, power to request injunction, when.
Section 443.809 - Examination, powers of director to inspect records of licensed persons.
Section 443.810 - Penalty for violations.
Section 443.823 - Licenses to be issued in duplicate, effective when.
Section 443.825 - Application content, oath and form — fingerprinting, when.
Section 443.830 - License refused — grounds.
Section 443.841 - License to be displayed.
Section 443.849 - Bonding requirements.
Section 443.855 - Advertising of mortgage loans, rulemaking authority.
Section 443.863 - Unlawful discrimination for refusal to loan or vary terms of the loan.
Section 443.865 - Escrow accounts, placement by brokers — authority for rules.
Section 443.867 - Disclosure statement required of brokers, content — fee — compensation.
Section 443.869 - Powers and duties of director — rulemaking authority.
Section 443.875 - Bond may be required, conditioned on compliance with subpoena, when.
Section 443.877 - Writ of attachment authorized on failure to comply with subpoena.
Section 443.879 - Reports required, failure to comply, penalty.
Section 443.881 - Suspension or revocation of license, grounds — procedure, penalties.
Section 443.885 - Report to be filed with director annually, contents.
Section 443.887 - General rulemaking powers of director.
Section 443.893 - Receiver or conservator to be appointed by court, when — attorney general's duty.
Section 443.901 - Reverse mortgage act — definitions.
Section 443.903 - Reverse mortgage regulations.
Section 443.906 - Reverse mortgage may be made regardless of certain other transactions.
Section 443.909 - Treatment of payments for certain purposes.
Section 443.912 - Statement regarding counseling services on reverse mortgages.
Section 443.930 - Prohibited acts — constitutes mortgage fraud — no private right of action created.
Section 443.1001 - Citation of law.
Section 443.1003 - Definitions.
Section 443.1006 - Annual reporting, forms — rulemaking authority.
Section 443.1007 - Financial institutions, actions not responsible or liable for.