Security Instruments in Missouri

• 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.

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

1. 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)
2. Penalties - Failure to provide the release may result in a penalty of ten percent of the amount of security instrument and any other damages which the aggrieved party can prove. (Section 443.130 Missouri Revised Statutes).
3. Terminating revolving credit loans - A request is usually made to have the lender state on his payoff statement that the line of credit is terminated with respect to the revolving credit loan.

• Liability imposed for failure to time satisfy a mortgage is found at MO Rev Stat § 443.130.