§ 34-3-101 — 34-1-146. Reconveyance of trust deed or release of mortgage; procedures; forms

Wyoming § 34-3-101

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 1: GENERAL PROVISIONS
• Art. 1: IN GENERAL

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(a) A title insurer or title agent may reconvey a trust
deed or release a mortgage in accordance with the provisions of
subsections (b) through (f) of this section if:
(i) The obligation secured by the trust deed or
mortgage has been fully paid by the title insurer or title
agent; or
(ii) The title insurer or title agent possesses
satisfactory evidence of the full payment of the obligation
secured by a trust deed or mortgage.
(b) A title insurer or title agent may reconvey a trust
deed or release a mortgage under subsection (a) of this section
regardless of whether the title insurer or title agent is named
as a trustee under a trust deed or has the authority to release
a mortgage.
(c) No sooner than thirty (30) days after payment in full
of the obligation secured by a trust deed or mortgage, and after
notice is given pursuant to W.S. 34-1-132, the title insurer or
title agent shall deliver to the beneficiary, mortgagee or
servicer, or send by certified mail to the beneficiary,
mortgagee or servicer, at the address specified in the trust
deed or mortgage or at any address for the beneficiary or
mortgagee specified in the last recorded assignment of the trust
deed or mortgage a notice of intent to release or reconvey and a
copy of the release or reconveyance to be recorded as provided
in subsections (d) and (e) of this section.
(d) The notice of intent to release or reconvey shall
contain the name of the beneficiary or mortgagee and the
servicer if loan payments on the trust deed or mortgage are
collected by a servicer, the name of the title insurer or title
agent, the date and be substantially in the following
form:
NOTICE OF INTENT TO RELEASE OR RECONVEY
Notice is hereby given to you as follows:
1. This notice concerns the (trust deed or mortgage) described
as follows:
(Trustor or Mortgagor):________________________________
(Beneficiary or Mortgagee):____________________________
Recording Information: ________________________________
Book Number:___________________________________________
Page Number: __________________________________________
2. The undersigned claims to have paid in full or possesses
satisfactory evidence of the full payment of the obligation
secured by the trust deed or mortgage described above.
3. The undersigned will fully release the mortgage or reconvey
the trust deed described in this notice unless, within thirty
(30) days from the date stated on this notice, the undersigned
has received by certified mail a notice stating that the
obligation secured by the trust deed or mortgage has not been
paid in full or that you otherwise object to the release of the
mortgage or the reconveyance of the trust deed. Notice shall be
mailed to the address stated on this form.
4. A copy of the (release of mortgage or reconveyance of trust
deed) is enclosed with this notice.
(Signature of title insurer or title agent)
(Address of title insurer or title agent)
(e) If, within thirty (30) days from the day on which the
title insurer or title agent delivered or mailed the notice of
intent to release or reconvey in accordance with subsections (c)
and (d) of this section, the beneficiary, mortgagee or servicer
does not send by certified mail to the title insurer or title
agent a notice that the obligation secured by the trust deed or
mortgage has not been paid in full or that the beneficiary,
mortgagee or servicer objects to the release of the mortgage or
reconveyance of the trust deed, the title insurer or title agent
may execute, acknowledge and record a reconveyance of a trust
deed or release of a mortgage:
(i) A reconveyance of a trust deed under this
subsection shall be in substantially the following form:
RECONVEYANCE OF TRUST DEED
(Name of title insurer or title agent), a (title insurer or
title agent) authorized to conduct business in the state does
hereby reconvey, without warranty, the following trust property
located in .... County, state of Wyoming, that is covered by a
trust deed naming (name of trustor) as trustor, and (name of
beneficiary) as beneficiary and was recorded on ....,
....(year), as document number ...., or, if applicable, in Book
.... at Page...., (insert a description of the trust property):
The undersigned title insurer or title agent certifies as
follows:
1. The undersigned title insurer or title agent has fully paid
the obligation secured by the trust deed or possesses
satisfactory evidence of the full payment of the obligation
secured by the trust deed.
2. No sooner than thirty (30) days after payment in full of the
obligation secured by the trust deed, the title insurer or title
agent delivered or sent by certified mail to the beneficiary or
servicer at the address specified in the trust deed and at any
address for the beneficiary specified in the last recorded
assignment of the trust deed, a notice of intent to release or
reconvey and a copy of the reconveyance.
3. The title insurer or title agent did not receive, within
thirty (30) days from the day on which the title insurer or
title agent delivered or mailed the notice of intent to release
or reconvey, a notice from the beneficiary or servicer sent by
certified mail that the obligation secured by the trust deed has
not been paid in full or that the beneficiary or servicer
objects to the reconveyance of the trust deed.
____________________________
____________________________
(Notarization)
(Signature of title insurer or title agent)
(ii) A release of a mortgage under this subsection
shall be in substantially the following form:
RELEASE OF MORTGAGE
(Name of title insurer or title agent), a (title insurer or
title agent) authorized to conduct business in the state does
hereby release the mortgage on the following property located in
.... County, state of Wyoming, that is covered by a mortgage
naming (name of mortgagor) as mortgagor, and (name of mortgagee)
as mortgagee and was recorded on ...., ....(year), as document
number ...., or, if applicable, in Book .... at Page....,
(insert a description of the trust property):
The undersigned title insurer or title agent certifies as
follows:
1. The undersigned title insurer or title agent has fully paid
the obligation secured by the mortgage or possesses satisfactory
evidence of the full payment of the obligation secured by the
mortgage.
2. No sooner than thirty (30) days after payment in full of the
obligation secured by the mortgage, the title insurer or title
agent delivered to the mortgagee or sent by certified mail to
the mortgagee or servicer at the address specified in the
mortgage and at any address for the mortgagee specified in the
last recorded assignment of the mortgage, a notice of intent to
release or reconvey and a copy of the release.
3. The title insurer or title agent did not receive, within
thirty (30) days from the day on which the title insurer or
title agent delivered or mailed the notice of intent to release
or reconvey, a notice from the mortgagee or servicer sent by
certified mail that the obligation secured by the mortgage has
not been paid in full or that the mortgagee or servicer objects
to the release of the mortgage.
___________________________
___________________________
(Notarization)
(Signature of title insurer or title agent)
(iii) A release of mortgage or reconveyance of trust
deed that is executed and notarized in accordance with paragraph
(i) or (ii) of this subsection is entitled to recordation in
accordance with W.S. 34-1-119 and 34-1-130. Except as otherwise
provided in this paragraph, a reconveyance of a trust deed or
release of a mortgage that is recorded under this paragraph is
valid regardless of any deficiency in the release or
reconveyance procedure. If the title insurer's or title agent's
signature on a release of mortgage or reconveyance of trust deed
recorded under this paragraph is forged, the release of mortgage
or reconveyance of trust deed is void.
(f) A release of mortgage or reconveyance of trust deed
under this section does not discharge an obligation that was
secured by the trust deed or mortgage at the time the trust deed
was reconveyed or the mortgage was released.