Section 443.035

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 28 Aug 1993   

  443.035.  Recording of instrument required — failure to record, effect on persons subsequently obtaining interest or lien. — 1.  Security instruments may be assigned by instrument in writing, acknowledged by the assignor in the manner provided for the acknowledgment of other instruments affecting the title to real property, and may be recorded in the office of the recorder of deeds in the county or counties in which the security instrument being assigned was recorded.

  2.  Any person who acquires an interest in or a lien upon real property for value and without notice of an unrecorded assignment of a security instrument recorded on or after January 1, 1986, and who has relied upon a release of such security instrument executed by the party last shown of record to be the owner thereof, shall acquire the interest in or lien upon such real property free from the lien of the security instrument to the same extent as if the release upon which reliance was placed had been executed by the lawful holder of the debt or other obligation secured by such security instrument.

  3.  No recorder of deeds in this state shall accept for record any security instrument or^* assignment thereof in which the mortgagee, cestui que trust or assignee is named as bearer or the actual identity of the mortgagee, cestui que trust or assignee is otherwise not ascertainable from the face of the security instrument or assignment.  All security instruments and assignments thereof presented for record shall contain the mailing address of the mortgagee, cestui que trust or assignee except, that the omission thereof shall not affect the validity of any security instrument or assignment, or the constructive notice imparted by the record thereof.

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(L. 1985 H.B. 210, A.L. 1993 H.B. 105 & 480)

*Word "of" appears in original rolls.