Partial release of certain mortgages, deeds of trust or securityinstruments made how--conditions--requirements.
443.110. Whenever any security instrument heretofore orhereafter executed, providing for the issue of a series of notesor bonds aggregating one hundred thousand dollars or more notincluding interest or interest notes or coupons secured in wholeor in part by property located in this state, by its termsconfers authority upon the trustee or trustees therein named, oreither of them, to release the property or any part thereofencumbered by any such security instrument from the lien thereof,such release may be so made and it shall be the duty of therecorder of deeds of the county in which the property so releasedfrom such security instrument shall be situated to accept andrecord in the proper records any deed of release executed andduly acknowledged by such trustee, pursuant to the authorityconferred by such security instrument, releasing the whole or anypart of such mortgaged property; provided, however, that in thecase of a security instrument which shall not have been qualifiedunder the Federal Trust Indenture Act of 1939, as from time totime amended, no such release shall be made unless such securityinstrument shall contain a provision requiring that the amountdue under the security instrument or the amount of money or otherconsideration received from the sale of the property described insuch release or such portion thereof as may be stipulated in suchsecurity instrument shall be deposited with some banking firm orbanking corporation or trust company named in such securityinstrument for the benefit of the holders of such notes or bonds,or a provision requiring that there shall have been reinvested inproperty subject to the lien of such security instrument anamount of money equal to the value of the property so released;provided, however, if there shall have been such reinvestments asprovided by the terms of such security instrument, which shallnot have been qualified under the Federal Trust Indenture Act of1939, as from time to time amended, there shall be filed with therecorder of deeds, together with the aforesaid release, acertificate that at a meeting of the bondholders or noteholders,held at the place named in the security instrument for thepayment of the principal of such bonds or notes, afterpublication of notice of such meeting for two weeks in somenewspaper regularly published at such place, less than a majorityin interest of the bonds or notes represented at such meetingvoted against such release or a certificate that none of thebonds or notes were represented at such meeting. Suchcertificate shall be made by the person who shall at such meetingbe elected chairman thereof, and upon the filing thereof therecorder of deeds shall record said release as aforesaid; andprovided further, that if the mortgaged property be subject toseveral security instruments, and upon the sale of only a part ofthe property covered by such security instruments, the amount ofmoney or other consideration received from the sale of theproperty described in such release shall have been deposited withthe banking firm or banking corporation or trust company named inthe first security instrument for the benefit of the holders ofthe notes or bonds thereby secured in the order of theirpriority, and the excess if any, for the benefit of the holdersof notes or bonds secured by the subsequent security instrumentsin the order of their priority, and such depositary shall socertify, then the property so sold may be released by thetrustees in each of the security instruments, which conferauthority upon the trustee or trustees therein named to releasesuch property from the lien of such security instruments.
(RSMo 1939 § 3470, A.L. 1947 V. I p. 229, A.L. 1985 H.B. 210)
Partial release of certain mortgages, deeds of trust or securityinstruments made how--conditions--requirements.
443.110. Whenever any security instrument heretofore orhereafter executed, providing for the issue of a series of notesor bonds aggregating one hundred thousand dollars or more notincluding interest or interest notes or coupons secured in wholeor in part by property located in this state, by its termsconfers authority upon the trustee or trustees therein named, oreither of them, to release the property or any part thereofencumbered by any such security instrument from the lien thereof,such release may be so made and it shall be the duty of therecorder of deeds of the county in which the property so releasedfrom such security instrument shall be situated to accept andrecord in the proper records any deed of release executed andduly acknowledged by such trustee, pursuant to the authorityconferred by such security instrument, releasing the whole or anypart of such mortgaged property; provided, however, that in thecase of a security instrument which shall not have been qualifiedunder the Federal Trust Indenture Act of 1939, as from time totime amended, no such release shall be made unless such securityinstrument shall contain a provision requiring that the amountdue under the security instrument or the amount of money or otherconsideration received from the sale of the property described insuch release or such portion thereof as may be stipulated in suchsecurity instrument shall be deposited with some banking firm orbanking corporation or trust company named in such securityinstrument for the benefit of the holders of such notes or bonds,or a provision requiring that there shall have been reinvested inproperty subject to the lien of such security instrument anamount of money equal to the value of the property so released;provided, however, if there shall have been such reinvestments asprovided by the terms of such security instrument, which shallnot have been qualified under the Federal Trust Indenture Act of1939, as from time to time amended, there shall be filed with therecorder of deeds, together with the aforesaid release, acertificate that at a meeting of the bondholders or noteholders,held at the place named in the security instrument for thepayment of the principal of such bonds or notes, afterpublication of notice of such meeting for two weeks in somenewspaper regularly published at such place, less than a majorityin interest of the bonds or notes represented at such meetingvoted against such release or a certificate that none of thebonds or notes were represented at such meeting. Suchcertificate shall be made by the person who shall at such meetingbe elected chairman thereof, and upon the filing thereof therecorder of deeds shall record said release as aforesaid; andprovided further, that if the mortgaged property be subject toseveral security instruments, and upon the sale of only a part ofthe property covered by such security instruments, the amount ofmoney or other consideration received from the sale of theproperty described in such release shall have been deposited withthe banking firm or banking corporation or trust company named inthe first security instrument for the benefit of the holders ofthe notes or bonds thereby secured in the order of theirpriority, and the excess if any, for the benefit of the holdersof notes or bonds secured by the subsequent security instrumentsin the order of their priority, and such depositary shall socertify, then the property so sold may be released by thetrustees in each of the security instruments, which conferauthority upon the trustee or trustees therein named to releasesuch property from the lien of such security instruments.
(RSMo 1939 § 3470, A.L. 1947 V. I p. 229, A.L. 1985 H.B. 210)
Partial release of certain mortgages, deeds of trust or securityinstruments made how--conditions--requirements.
443.110. Whenever any security instrument heretofore orhereafter executed, providing for the issue of a series of notesor bonds aggregating one hundred thousand dollars or more notincluding interest or interest notes or coupons secured in wholeor in part by property located in this state, by its termsconfers authority upon the trustee or trustees therein named, oreither of them, to release the property or any part thereofencumbered by any such security instrument from the lien thereof,such release may be so made and it shall be the duty of therecorder of deeds of the county in which the property so releasedfrom such security instrument shall be situated to accept andrecord in the proper records any deed of release executed andduly acknowledged by such trustee, pursuant to the authorityconferred by such security instrument, releasing the whole or anypart of such mortgaged property; provided, however, that in thecase of a security instrument which shall not have been qualifiedunder the Federal Trust Indenture Act of 1939, as from time totime amended, no such release shall be made unless such securityinstrument shall contain a provision requiring that the amountdue under the security instrument or the amount of money or otherconsideration received from the sale of the property described insuch release or such portion thereof as may be stipulated in suchsecurity instrument shall be deposited with some banking firm orbanking corporation or trust company named in such securityinstrument for the benefit of the holders of such notes or bonds,or a provision requiring that there shall have been reinvested inproperty subject to the lien of such security instrument anamount of money equal to the value of the property so released;provided, however, if there shall have been such reinvestments asprovided by the terms of such security instrument, which shallnot have been qualified under the Federal Trust Indenture Act of1939, as from time to time amended, there shall be filed with therecorder of deeds, together with the aforesaid release, acertificate that at a meeting of the bondholders or noteholders,held at the place named in the security instrument for thepayment of the principal of such bonds or notes, afterpublication of notice of such meeting for two weeks in somenewspaper regularly published at such place, less than a majorityin interest of the bonds or notes represented at such meetingvoted against such release or a certificate that none of thebonds or notes were represented at such meeting. Suchcertificate shall be made by the person who shall at such meetingbe elected chairman thereof, and upon the filing thereof therecorder of deeds shall record said release as aforesaid; andprovided further, that if the mortgaged property be subject toseveral security instruments, and upon the sale of only a part ofthe property covered by such security instruments, the amount ofmoney or other consideration received from the sale of theproperty described in such release shall have been deposited withthe banking firm or banking corporation or trust company named inthe first security instrument for the benefit of the holders ofthe notes or bonds thereby secured in the order of theirpriority, and the excess if any, for the benefit of the holdersof notes or bonds secured by the subsequent security instrumentsin the order of their priority, and such depositary shall socertify, then the property so sold may be released by thetrustees in each of the security instruments, which conferauthority upon the trustee or trustees therein named to releasesuch property from the lien of such security instruments.
(RSMo 1939 § 3470, A.L. 1947 V. I p. 229, A.L. 1985 H.B. 210)
