Idaho Code § 45-1203

Current through the 2024 Regular Session

Section 45-1203 - PROCEDURE FOR RECONVEYANCE

A title insurer or title agent may execute and record a reconveyance of a trust deed upon compliance with the following procedure:

(1) Not less than thirty (30) days after payment in full of the obligation secured by the trust deed and receipt of satisfactory evidence of payment in full has been effected, the title insurer or title agent may either:

(a) mail a notice by certified mail with postage prepaid, return receipt requested, to the beneficiary or a servicer at its address set forth in the trust deed, and at any address for the beneficiary or servicer specified in the last recorded assignment of the trust deed, if any, and at any address for a beneficiary or servicer shown in any request for notice duly recorded pursuant to section 45-1511, Idaho Code; or

(b) hand deliver a notice to the beneficiary or servicer. The notice shall be in substantially the following form and shall be accompanied by a copy of the reconveyance to be recorded:

NOTICE OF INTENT

TO RELEASE OR RECONVEY

TO: [Beneficiary] or [Servicer for Beneficiary]

FROM: [Title insurer or Title agent]

DATE: .................. ..

Notice is hereby given to you as follows:

1. This notice concerns the trust deed described as follows:

Trustor: ..................................

Beneficiary: ..............................

Recording information:

Entry No.: ..............................

Book No.: ..............................

Page No.: ..............................

2. The undersigned claims to have fully paid or received satisfactory evidence of the payment in full of the obligation secured by the trust deed described above.

3. Unless, within sixty (60) days following the date stated above, the undersigned has received by certified mail, return receipt requested, directed to the address noted below a notice stating that you have not received payment in full of all obligations secured by the trust deed or that you otherwise object to reconveyance of the trust deed, the undersigned will fully release and reconvey the trust deed pursuant to chapter 12, title 45, Idaho Code.

4. A copy of the reconveyance or release of the trust deed is enclosed with this notice.

[Title insurer/Title agent] [Address]

(2) Sixty (60) days shall elapse following the mailing, in the case of certified mail, or delivery, in the case of hand delivery, of the notice prescribed in subsection (1) of this section.

(3) If the title insurer or title agent has not upon expiration of that sixty (60) day period received any objection under section 45-1204, Idaho Code, the title insurer or title agent may then execute, acknowledge, and record a reconveyance of the trust deed in substantially the following form:

RECONVEYANCE OF TRUST DEED

[To be used concerning trust deeds as defined in section 45-1502, Idaho Code]

.................. .., a [Title insurer/Title agent] authorized to act in the State of Idaho does hereby, pursuant to chapter 27, title 41, Idaho Code, reconvey, without warranty, to the person or persons legally entitled thereto, the following trust property covered by a Trust Deed naming .................. .., as trustor, and .................. .., as beneficiary, which was recorded on .................. .. in Book ............... at Page ......... . as Entry No. ......... . :

The following described property located in .................. .. County, State of Idaho:

[Property Description]

The undersigned title insurer/title agent hereby certifies as follows:

1. The undersigned title insurer/title agent has fully paid or received satisfactory evidence of the payment in full of the obligation secured by said Trust Deed.

2. Not less than thirty (30) days following the payment in full of said Trust Deed, the undersigned hand delivered or mailed by certified mail, return receipt requested, to the record beneficiary or a servicer for the record beneficiary under said Trust Deed at its record address a notice as required in section 45-1203(1), Idaho Code.

3. In excess of sixty (60) days elapsed after the mailing of said notice and no objection to said reconveyance has been received by the undersigned.

Dated ...............

.............................

[Title insurer/Title agent]

[acknowledgment]

(4) A reconveyance of a trust deed, when executed and acknowledged in substantially the form prescribed in subsection (3) of this section shall be entitled to recordation and, when recorded, shall constitute a reconveyance of the trust deed identified therein, irrespective of any deficiency in the reconveyance procedure not disclosed in the release or reconveyance that is recorded other than forgery of the title insurer or title agent's signature. The reconveyance of a trust deed pursuant to this chapter shall not itself discharge any personal obligation that was secured by the trust deed at the time of its reconveyance.

Idaho Code § 45-1203

[45-1203, added 1995, ch. 326, sec. 1, p. 1093.]