Security Instruments in Missouri - Revision history

Davidjenkins at 16:58, 8 November 2020

2020-11-08T16:58:07Z

Davidjenkins: /* Cross-References */

2020-11-08T16:50:35Z

‎Cross-References

Davidjenkins: /* Recording Requirements */

2019-10-30T19:26:43Z

‎Recording Requirements

Davidjenkins: /* Recording Requirements */

2019-10-30T19:26:29Z

‎Recording Requirements

Davidjenkins: /* Cross-References */

2018-08-14T13:48:39Z

‎Cross-References

Davidjenkins: /* Duration */

2018-08-14T13:48:13Z

‎Duration

Davidjenkins at 12:09, 10 August 2018

2018-08-10T12:09:00Z

Davidjenkins: /* Trustees */

2018-08-10T01:01:39Z

‎Trustees

Davidjenkins: /* ETC */

2018-08-10T01:00:43Z

‎ETC

Davidjenkins: /* Trustees */

2018-08-10T01:00:18Z

‎Trustees

@@ Line 3: / Line 3: @@
 : "Security instrument", as that term is used in this chapter, shall mean any mortgage, deed of trust or other real property security instrument securing the payment or satisfaction of any debt or other obligation. MO Rev Stat § 443.005.
-==Recording Requirements==
+===Compliance===
 * § 443.035 - Address, etc.
 * Deeds of trust must contain a legal description of the land affected. Id. § 59.330(2) (TIRS, 2015)
-==Trustees==
+===Claims===
 Missouri law prohibits a foreign corporation or individual from acting as trustee in any security instrument affecting property in the state that is made after August 28, 1994, unless the instrument names as co-trustee a domestic corporation or individual citizen of the state. Id. § 443.350. (TIRS, 2015).  It appears as though nearly any entity or adult can serve as a trustee although any conflicts of interest should be taken into account. An underwriter or a title agent could qualify as a trustee if it is a MO corporation. By custom, an attorney who is a resident of Missouri is usually named trustee. The lender/beneficiary selects the trustee.
-==ETC==
+===ETC===
@@ Line 25: / Line 54: @@
 A deed of trust is the standard form of security instrument. However, a mortgage is recognized as a valid security instrument. Missouri has a future advance statute. (Mo. Rev. Stat. §443.055) All contractual obligations, obligatory or optional, are secured. The priority of the advances dates from the time the instrument is recorded. An owner may terminate the future advance provision by sending a notice to the lender by certified mail or by delivering the notice in person. Within fifteen days after receipt of said notice, the lender has to record an instrument stating that it has received the termination notice and reciting the total principal amount of the debt as of the date the notice was received. In order to come within the provisions of the statute, the security instrument must recite within the body a provision expressly stating that the instrument is to be governed by the above referenced statutory section.
-==Satisfaction==
+===Satisfaction===
 # Releases, satisfactions, and reconveyances - A deed of release of a deed of trust must be delivered to the person who gave satisfaction within fifteen business days. (Section 443.130 Missouri Revised Statutes)
@@ Line 34: / Line 63: @@
-==Vendors' and Vendees' Liens==
+===Vendors' and Vendees' Liens===
 These are equitable liens that may take priority over a regular security instrument depending on the facts of the case and the knowledge of the lender regarding any down money given to the seller or any unpaid amounts still owed to the seller from the buyer.
-==Other==
+===Other===
 Consumer legislation

@@ Line 64: / Line 64: @@
 ==Cross-References==
 * [[Missouri]]
-* [[Foreclosures in Missouri]]
+** [[Foreclosures in Missouri]]
-* [[Liens in Missouri]]
+** [[Liens in Missouri]]

@@ Line 8: / Line 8: @@
 * § 443.035 - Address, etc.
 * Deeds of trust must contain a legal description of the land affected. Id. § 59.330(2) (TIRS, 2015)
 ==Trustees==

@@ Line 8: / Line 8: @@
 * § 443.035 - Address, etc.
 * Deeds of trust must contain a legal description of the land affected. Id. § 59.330(2) (TIRS, 2015)
 ==Trustees==

← Older revision		Revision as of 13:48, 14 August 2018
Line 65:		Line 65:
	* [[Missouri]]		* [[Missouri]]
	* [[Foreclosures in Missouri]]		* [[Foreclosures in Missouri]]
		+	* [[Liens in Missouri]]

@@ Line 14: / Line 14: @@
 ==Duration==
-* 10 years from date of maturity as found on Note. [https://law.justia.com/codes/missouri/2011/titlexxxv/chapter516/section516110/ MO Rev Stat § 516.110]. This can be extended to a maximum of 20 years by a recorded written agreement signed by the mortgagor. <u>Oehler v. Philpott</u>, 263 S.W.2d 201, 202 (Mo. 1953) unraveling the confused mess that is [https://law.justia.com/codes/missouri/2011/titlexxxv/chapter516/section516150/ MO Rev Stat § 516.150].
+* '''10 years''' from '''date of maturity''' as found on Note. [https://law.justia.com/codes/missouri/2011/titlexxxv/chapter516/section516110/ MO Rev Stat § 516.110]. This can be extended to a maximum of 20 years by a recorded written agreement signed by the mortgagor. <u>See</u> <u>Oehler v. Philpott</u>, 263 S.W.2d 201, 202 (Mo. 1953) unraveling the confused mess that is [https://law.justia.com/codes/missouri/2011/titlexxxv/chapter516/section516150/ MO Rev Stat § 516.150].
-* 20 years from the date of execution the instrument for security instruments lacking a maturity date. [https://law.justia.com/codes/missouri/2011/titlexxxv/chapter516/section516155/ MO Rev Stat § 516.155].  This applies to both regular security instrument and security instruments that provide for future advances. <u>Id</u>. If there is no date of execution, then the date of acknowledgment shall be used. <u>Id</u>. If there is no date of execution or acknowledgment, then the date of recording shall be used. <u>Id</u>.
+* '''20 years''' from the '''date of execution''' the instrument for security instruments lacking a maturity date. [https://law.justia.com/codes/missouri/2011/titlexxxv/chapter516/section516155/ MO Rev Stat § 516.155].  This applies to both regular security instrument and security instruments that provide for future advances. <u>Id</u>. If there is no date of execution, then the date of acknowledgment shall be used. <u>Id</u>. If there is no date of execution or acknowledgment, then the date of recording shall be used. <u>Id</u>.
 ==ETC==

← Older revision		Revision as of 12:09, 10 August 2018
Line 33:		Line 33:
	* Liability imposed for failure to time satisfy a mortgage is found at [https://law.justia.com/codes/missouri/2011/titlexxix/chapter443/section443130/ MO Rev Stat § 443.130].		* Liability imposed for failure to time satisfy a mortgage is found at [https://law.justia.com/codes/missouri/2011/titlexxix/chapter443/section443130/ MO Rev Stat § 443.130].

		+
		+	==Vendors' and Vendees' Liens==
		+
		+	These are equitable liens that may take priority over a regular security instrument depending on the facts of the case and the knowledge of the lender regarding any down money given to the seller or any unpaid amounts still owed to the seller from the buyer.
		+
		+	==Other==

	Consumer legislation		Consumer legislation

← Older revision		Revision as of 01:00, 10 August 2018
Line 19:		Line 19:
	==ETC==		==ETC==

−
−	* Expire after 20 years from date of maturity [need to verify]
−
−	Deed of Trust only. The trustee must be a MO resident individual over the age of 18 or a MO corporation. If a non-resident individual or foreign corporation is named as trustee, a MO resident individual or MO corporation must be added as co-trustee.
−
−	An underwriter or a title agent could qualify as a trustee if it is a MO corporation. By custom, an attorney who is a resident of Missouri is usually named trustee. The lender/beneficiary selects the trustee.

	No Mortgage Tax.		No Mortgage Tax.

@@ Line 11: / Line 11: @@
 ==Trustees==
-Missouri law prohibits a foreign corporation or individual from acting as trustee in any security instrument affecting property in the state that is made after August 28, 1994, unless the instrument names as cotrustee a domestic corporation or individual citizen of the state. Id. § 443.350. (TIRS, 2015)
+Missouri law prohibits a foreign corporation or individual from acting as trustee in any security instrument affecting property in the state that is made after August 28, 1994, unless the instrument names as co-trustee a domestic corporation or individual citizen of the state. Id. § 443.350. (TIRS, 2015).  It appears as though nearly any entity or person can serve as a trustee although any conflicts of interest should be taken into account.
 ==Duration==