Vermont Attorneys Title Corporation

• Vermont Title Standards Index ›

  • 1.1 The Role of the Examining Attorney
  • 1.2 The Examining Attorney's Attitude
  • 1.3 Definition of Marketable Title
  • 1.4 Reference to Title Standards in Real Estate Sales Contract
  • 2.1 Period of Search
  • 2.2 The Concept of the Chain of Title and its Relationship of the Rule of Record Notice and the Scope of the Title Searcher's Obligation
  • 2.3 Effect of Recording Instruments Claiming an Interest in Real Estate
  • 2.4 Wild Instruments: Instruments by Strangers to the Record Chain of Title
  • 2.4A After Acquired Property
  • 2.5 Priority of Conveyances
  • 2.6 Time When a Conveyance is Considered as Properly "Recorded"
  • 2.7 Record of Expired Leases or Expired Interests
  • 4.1 Limitation on the Use by Grantor of Corrective Deeds
  • 6.1 Grantors
  • 6.2 Majority
  • 6.3 Mental Capacity
  • 6.4 Marital Interests
  • 6.5 Powers of Attorney
  • 7.1 Grantees
  • 8.1 Name Variances
  • 9.1 Execution, Witnessing and Acknowledgement
  • 11.1 Delivery
  • 13.1 Conveyance by Heirs' Deed
  • 13.2 Conveyance by Devisees in Lieu of Probate Administration
  • 13.3 Omitted Real Estate or Faulty Description of Closed Estate
  • 13.4 Conveyance by Trustee of a Non-Probate Trust
  • 14.1 Conveyance to Two or More Persons
  • 18.1 Federal Special Gift Tax Lien
  • 18.2 Irregularities and Discrepancies in Discharges of Mortgage and other Documents
  • 18.3 Discharges of Corrected, Re-Recorded, or Modified Mortgages
  • 18.4 Effect of Failure to Discharge Assignments of Leases and/or Rent, Riders or Financing Statements
  • 18.5 Discharges Involving Mortgage Electronic Registration System (MERS)
  • 20.1 Presumptions Applicable to Corporate Conveyances
  • 22.1 Limited Liability Companies
  • 23.1 Federal General Tax Lien
  • 24.1 Federal Special Estate Tax Lien
  • 25.1 Federal Gift Tax Lien
  • 27.1 Vermont Estate Tax Lien
  • 28.1 Establishing Marketable Title To Interests In Real Property Owned By Failed Financial Institutions
  • 28.2 Title of the Receiver of a Failed Financial Institution to the Assets of That Institution
  • 28.3 Title of the Immediate Transferee of the Receiver of a Failed Financial Institution
  • 28.4 Marketability of Title In a Real Estate Interest of a Failed Financial Institution for Which No Conveyance, Transfer or Assignment Appears of Record Prior to the Dissolution of the Bridge Institution Which Had Continued The Business of the Failed Institution
  • 28.5 Discharges, Partial Releases, Assignments and Foreclosure of Mortgages of a Failed Institution By a Transferee of the Receiver For Such Failed Institution

STANDARD 28.5

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DISCHARGES, PARTIAL RELEASES, ASSIGNMENTS, AND FORECLOSURE OF MORTGAGES OF A FAILED INSTITUTION BY A TRANSFEREE OF THE RECEIVER FOR SUCH FAILED INSTITUTION

(a) Title to real property described in a mortgage held by a financial institution at the time it was declared or adjudicated to be insolvent, which mortgage was foreclosed by a party claiming to be the owner of that mortgage through or under the receiver of the failed institution, shall not be deemed to be marketable unless such mortgage was assigned of record by the receiver and by every subsequent assignee of the mortgage down to the foreclosing party. As an alternative to an assignment by the receiver to a foreclosing party, a finding by the court in the foreclosure action that the plaintiff has good title to the mortgage will suffice to establish such title, providing the receiver was named a defendant in that action.

(b) A discharge or partial release of a mortgage owned by a financial institution at the time it was declared or adjudicated to be insolvent, which discharge or partial release is given by a party claiming to be the owner of that mortgage by assignment or transfer from the receiver of the failed institution, shall be considered sufficient to discharge or partially release the mortgage referred to therein even though there is no assignment or transfer of record from the receiver to the releasor provided the recorded discharge or partial release contains a recital of the manner in which the releasor acquired ownership of such mortgage.

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Comment 1. The recital set forth in a discharge or partial release executed by a party purporting to be the owner of said mortgage by an assignment or transfer from the receiver of a failed institution shall include at least the following particulars: (a) dated of execution of assignment or transfer from the receiver; (b) statement that the mortgage was not subsequently re-assigned or re­transferred prior to date of execution of discharge or partial release.

Comment 2. Any discharge or partial release purporting to satisfy the requirements of section (b) of this title standard must should be indexed in the grantor index in the names of the failed institution, the receiver, and the releasor, respectively, and in the grantee index in the names of the releasor and the releasee (mortgagor).

History

This standard was added in 2003.

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