§ 18-40-109 — Transfer, etc., by separate instrument

(a) (1) No provision contained in §§ 18-40-103 , 18-40-106 , 18-40-107 , and this section shall prevent any mortgagee, trustee, agent of owner of record, or the owner of record, transferee, or assignee appearing of record, from selling, transferring, or assigning any deed of trust, mortgage, or vendor's lien retained in deed by separate instrument duly acknowledged and recorded. (2) At the time of recording any separate instrument transferring any mortgage, deed of trust, vendor's lien, or lien retained in deed, note, bond, or other instrument, the clerk and ex officio recorder in the office in which the transfer or assignment shall appear shall note on the margin of the record of the original mortgage, deed of trust, or deed retaining vendor's lien a memorandum noting that the lien contained in the instrument, and the notes or other instruments evidenced thereby, have been transferred, to whom transferred, the date of the transfer, and the book and page where the separate instrument and transfer may be found. (3) The failure of the clerk and ex officio recorder to make the marginal entry or notation shall not invalidate the sale, transfer, or assignment recorded as provided in this section. (b) (1) The clerks in counties which use other than paper recording systems shall not allow any assignment by marginal notation after December 31, 1995. (2) Any such marginal notation entered after December 31, 1995, is void.

Legislative History

Acts 1917, No. 374, § 4; C. & M. Dig., § 7394; Pope's Dig., § 9451; A.S.A. 1947, § 51-1019; Acts 1995, No. 1025, § 6.