Missouri Revised Statutes
Chapter 443 - Mortgages, Deeds of Trust and Mortgage Brokers
Section 443.130 - Liability for failing to satisfy — demand by certified mail required.

Effective - 28 Aug 2004
443.130. Liability for failing to satisfy — demand by certified mail required. — 1. If the secured party, receiving satisfaction for the debt secured pursuant to this chapter, does not, within forty-five days after request and tender of costs, submit for recording a sufficient deed of release, such secured party shall be liable to the mortgagor for the lesser of an amount of three hundred dollars a day for each day, after the forty-fifth day, that the secured party fails to submit for recording a sufficient deed of release or ten percent of the amount of the security instrument, plus court costs and attorney fees to be recovered in any court of competent jurisdiction. In the event a document submitted for recording by a secured party is rejected for recording for any reason, such secured party shall have sixty days following receipt of notice that the document has been rejected in which to submit a recordable and sufficient deed of release.
2. To qualify under this section, the mortgagor or his or her agent shall provide the request in the form of a demand letter to the secured party by certified mail, return receipt requested or in another form that provides evidence of the date of receipt to the mortgagor. The letter shall include good and sufficient evidence that the debt secured by the deed of trust was satisfied with good funds, and the expense of filing and recording the release was advanced.
3. In any action against such person who fails to release the lien as provided in subsections 1 and 2 of this section, the plaintiff, or his or her attorney, shall prove at trial that the plaintiff notified the holder of the note by certified mail, return receipt requested, or as otherwise permitted by subsection 2 of this section.
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(RSMo 1939 § 3472, A.L. 1994 H.B. 1312, A.L. 1996 H.B. 1432, A.L. 2004 H.B. 959)
Prior revisions: 1929 § 3085; 1919 § 2244; 1909 § 2850
(1996) Cost means the recorder of deeds' fee for releasing the deed of trust. Murray v. Fleet Mortgage Corp., 936 S.W.2d 212 (Mo.App. E.D.).
(1996) This section requires a deed of release be delivered to the party making the satisfaction. Masterson v. Roosevelt Bank, 919 S.W.2d 9 (Mo.App. E.D.).

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Structure Missouri Revised Statutes

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 443.010 - Mortgage, assumption of upon purchase not construed to extend mortgage to other lands, when.

Section 443.020 - Claim of such extension barred, when.

Section 443.030 - Prior acknowledgment of deed of trust deemed valid.

Section 443.035 - Recording of instrument required — failure to record, effect on persons subsequently obtaining interest or lien.

Section 443.055 - Future advances may be secured, how — definitions — requirements — limitations — priorities — termination procedure, exceptions.

Section 443.060 - Acknowledgment of satisfaction and release, how made.

Section 443.070 - Affidavit required with deed of release, when — penalty for failure.

Section 443.080 - Satisfaction of mortgage, deed of trust or security instrument of railroad or utility, when entered.

Section 443.090 - Part of property may be released, how.

Section 443.100 - Payment of one or more notes, how cancelled — memorandum on record — affidavit required, content, to be presented to recorder.

Section 443.110 - Partial release of certain mortgages, deeds of trust or security instruments made how — conditions — requirements.

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 443.325 - Individual notice of foreclosure sale — form of request for — recorder's duty — foreclosing part to give notice — release of security instrument, effect of — notice deemed given, when.

Section 443.327 - Sale by trustee exercising powers under security instrument — times when sale may be held — places where sale may be held.

Section 443.330 - Trustee failing to execute trust, parties interested may proceed, how.

Section 443.340 - Court to appoint sheriff or other suitable person, when — power and duties of trustee.

Section 443.350 - Foreign corporation or person not to act as trustee, unless domestic corporation or resident trustee be named as cotrustee — domestic corporation under no disability because articles do not contain specific power.

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 443.390 - Trustee's deed not to be accepted by recorder in certain cities or counties unless unpaid notes are produced — duties of recorder.

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 443.451 - Mortgage or deed of trust securing payment of bonds issued by interstate gas pipeline company or public utility, filing in office of secretary of state — notice — lien — refiling, effect — satisfaction, release, or cancellation, dut...

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 443.711 - Application for licensure, form — records and fees — modification of licensure requirements permitted, when — use of NMLSR as an agent, 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 443.737 - Violations.

Section 443.739 - Reports of condition required.

Section 443.741 - Violations, director required to report.

Section 443.743 - Nonfederally insured credit unions, registration of employed loan originators required.

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 443.812 - One license issued to each broker — record required of locations where any business is conducted — supervision requirements — waiver of licensure, when — manufactured or modular home loans.

Section 443.816 - Residential mortgage board created — members, appointment, qualification, terms, vacancies, compensation, duties.

Section 443.817 - Board members to file business transactions with ethics commission — rules authorized to avoid conflict of interest.

Section 443.819 - Brokerage business to be operated under actual names of persons or corporations, violation, penalties.

Section 443.821 - License to be issued on completion of requirements — notice of denial of license to contain reasons — appeal procedure.

Section 443.823 - Licenses to be issued in duplicate, effective when.

Section 443.825 - Application content, oath and form — fingerprinting, when.

Section 443.827 - Applicant for license must agree to maintain certain requirements as to methods of conducting business.

Section 443.830 - License refused — grounds.

Section 443.833 - Renewal of license, date, procedure, fee — failure to renew, license becomes inactive, reactivation — expires, when.

Section 443.835 - Broker ceasing activity and not desiring to be licensed, procedure — director to cancel license.

Section 443.839 - Application by broker to open additional full-service offices, fee — certificate to be issued and posted.

Section 443.841 - License to be displayed.

Section 443.843 - Fees to be established by director — rules authorized for assessment and collection.

Section 443.845 - Residential mortgage licensing fund created — purpose — fees to be deposited in interest-bearing account to credit of fund — amount in fund subject to lapse into general revenue.

Section 443.849 - Bonding requirements.

Section 443.855 - Advertising of mortgage loans, rulemaking authority.

Section 443.857 - Licensee shall maintain at least one full-service office with staff, duties to handle matters relating to mortgage — waiver, when.

Section 443.861 - Transfer or sale of residential mortgage, notice to be given to mortgagor, contents.

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 443.871 - Director may issue subpoenas and subpoenas duces tecum — authority to administer oaths.

Section 443.873 - Failure to comply with subpoenas, director may petition circuit court for compliance order, injunctive relief and other remedies authorized.

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 443.883 - Director to maintain a staff capable of investigations — licensees to open record for investigators.

Section 443.885 - Report to be filed with director annually, contents.

Section 443.887 - General rulemaking powers of director.

Section 443.889 - Court action to recover compensation for services, proof that services performed by valid licensee required, exception.

Section 443.891 - Charge in support of removal or prohibition notice issued on certain findings of conduct.

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 443.1004 - Designation of first-time home buyer savings account, use of — qualified beneficiary — limitations on accounts — service fee.

Section 443.1005 - Use of account moneys — withdrawals, subject to recapture, when, penalties — death of account holder, effect of.

Section 443.1006 - Annual reporting, forms — rulemaking authority.

Section 443.1007 - Financial institutions, actions not responsible or liable for.