382.360 Discharge of liens by deed or mortgage -- Assignment of mortgage --

442 words·~2 min read·/ky/382-360

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effect.

(1)Liens by deed or mortgage may be discharged by an entry acknowledging their

satisfaction on the margin of the record thereof, or in the alternative, at the option of

the county clerk, in a marginal entry record, signed by the person entitled thereto, or

his or her personal representative or agent, and attested by the clerk, or may be

discharged by a separate deed of release, which shall recite the date of the

instrument and deed book and the page wherein it is recorded. Such release in the

case of a mortgage or deed of trust shall have the effect to reinstate the title in the

mortgagor or grantor or person entitled thereto. Each entry in the marginal entry

record shall be linked to its respective referenced instrument in the indexing system

for the referenced instruments.

(2)If a lien or mortgage is released by a deed of release, the clerk shall immediately, at

the option of the clerk, either link the release and its filing location to its respective

referenced instrument in the indexing system for the referenced instrument, or

endorse on the margin of the record wherein the lien is retained "Released by deed

of release (stating whether in whole or in part) lodged for record (giving date, deed

book and page wherein such deed of release may be found)" and the clerk shall also

attest such certificate.

(3)When a mortgage is assigned to another person, the assignee shall file the

assignment for recording with the county clerk within thirty

(30)days of the

assignment and the county clerk shall attest the assignment and shall note the

assignment in the blank space, or in a marginal entry record, beside a listing of the

book and page of the document being assigned. Provided, however, that an assignee

that reassigns the note prior to the thirtieth day after first acquiring the assignment

may request that the subsequent assignee file the unfiled assignment with the new

reassignment.

(4)Delivering an assignment to the assignee or a lien release to the mortgagor shall not

substitute for filing the assignment or release with the county clerk, as required by

this section.

(5)Notwithstanding the provisions of this section, nothing in this chapter shall require

the legal holder of any note secured by lien in any deed or mortgage to file a release

of any mortgage when the mortgage securing such paid note also secures a note or

other obligation which remains unpaid.

(6)Failure of an assignee to record a mortgage assignment shall not affect the validity

or perfection, or invalidity or lack of perfection, of a mortgage lien under applicable

law.