T45CH12

Title 45 > T45CH12

Sections (6)

45-1201

TITLE 45 LIENS, MORTGAGES AND PLEDGES CHAPTER 12 RECONVEYANCE 45-1201. Definitions. As used in this chapter: (1) Beneficiary means both the record owner of the beneficiary’s interest under a trust deed, including successors in interest. (2) Reconveyance or reconvey means a reconveyance of a trust deed. (3) Satisfactory evidence of the full payment of an obligation secured by a trust deed means a payoff letter, the original cancelled check or a copy, including a voucher copy, of a check, payable to the beneficiary or a servicer, and reasonable documentary evidence that the check was intended to effect full payment under the trust deed or an encumbrance upon the property covered by the trust deed. (4) Servicer means a person or entity that collects loan payments on behalf of a beneficiary. (5) Title agent means a title insurance agent duly licensed as an organization under chapter 27, title 41 , Idaho Code. (6) Title insurer means a title insurer duly authorized to conduct business in the state of Idaho under title 41 , Idaho Code. (7) Trust deed means a trust deed as defined in section 45-1502 , Idaho Code. History: [45-1201, added 1995, ch. 326, sec. 1, p. 1092.]

45-1202

TITLE 45 LIENS, MORTGAGES AND PLEDGES CHAPTER 12 RECONVEYANCE 45-1202. Conditions to reconveyance. A title insurer or title agent may reconvey a trust deed pursuant to the procedure prescribed in section 45-1203 , Idaho Code, if the obligation secured by the trust deed shall have been fully paid by the title insurer or title agent that is permitted to reconvey the trust deed pursuant to section 45-1203 , Idaho Code, or such title insurer or title agent shall possess satisfactory evidence of such payment in full. A title insurer or title agent may provide a reconveyance under section 45-1203 , Idaho Code, whether or not it is then named as trustee under a trust deed. History: [45-1202, added 1995, ch. 326, sec. 1, p. 1093.]

45-1203

TITLE 45 LIENS, MORTGAGES AND PLEDGES CHAPTER 12 RECONVEYANCE 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

45-1204

TITLE 45 LIENS, MORTGAGES AND PLEDGES CHAPTER 12 RECONVEYANCE 45-1204. Objections to reconveyances. The title insurer or title agent shall not record a reconveyance of a trust deed if, prior to the expiration of the sixty (60) day period specified in section 45-1203 (2), Idaho Code, the title insurer or title agent receives a notice on behalf of the beneficiary or servicer stating that the trust deed continues to secure an obligation or otherwise objecting to reconveyance of the trust deed. History: [45-1204, added 1995, ch. 326, sec. 1, p. 1095.]

45-1205

TITLE 45 LIENS, MORTGAGES AND PLEDGES CHAPTER 12 RECONVEYANCE 45-1205. Liability of title insurance agent or underwriter. In the event that a trust deed is reconveyed by a title insurer or title agent purporting to act under the provisions of this chapter, but the obligation secured by the trust deed has not been fully paid, the title insurer or title agent effecting such reconveyance shall be liable to the beneficiary of the trust deed for the damages suffered as a result of such improper reconveyance only if the title insurer or title agent failed to substantially comply with the provisions of section 45-1203 or 45-1204 , Idaho Code, or acted with negligence or in bad faith in reconveying the trust deed. History: [45-1205, added 1995, ch. 326, sec. 1, p. 1095.]

45-1206

TITLE 45 LIENS, MORTGAGES AND PLEDGES CHAPTER 12 RECONVEYANCE 45-1206. Payoffs prior to effective date. The reconveyance procedure prescribed in sections 45-1201 through 45-1205 , Idaho Code, shall apply to obligations secured by trust deeds that were paid either prior to or following the effective date of this section. History: [45-1206, added 1995, ch. 326, sec. 1, p. 1095.]