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#2057599 - 01/08/16 08:27 PM Release of Mortgage
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,481
Midwest
Is it a requirement that a Vice President level or above has to sign to release a mortgage in Iowa? Will that be based on our corporate resolution?

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#2058193 - 01/12/16 08:30 PM Re: Release of Mortgage ahkcompliance
Iowa Compliance Gal Offline
Junior Member
Joined: Nov 2015
Posts: 33
Iowa
I found in the Iowa Code 655 the below statement....it does not specify that a Vice President or above are the required signors. I would contact a real estate attorney to check for any special requirements they know of in the Iowa code or what documentation is needed to back up the signors authority.

655.1 WRITTEN INSTRUMENT ACKNOWLEDGING
SATISFACTION.
When the amount due on a mortgage is paid off, the mortgagee, the
mortgagee's personal representative or assignee, or those legally
acting for the mortgagee, and in case of payment of a school fund
mortgage the county auditor, must acknowledge satisfaction thereof by
execution of an instrument in writing, referring to the mortgage, and
duly acknowledged and recorded.

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#2058226 - 01/12/16 09:31 PM Re: Release of Mortgage ahkcompliance
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,481
Midwest
Thanks! I did find that section as well. We are just basing it off our corporate resolution on who has ability to sign.

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