missouri - revised statutes, chapter 443, mortgages, deeds of trust and mortgage brokers

8/7/2019 Missouri - Revised Statutes, Chapter 443, Mortgages, Deeds of Trust and Mortgage Brokers

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Missouri Revised Statutes

Chapter 443Mortgages, Deeds of Trust and Mortgage Brokers

August 28, 2010

Security instrument defined.

443.005. "Security instrument", as that term is used in this chapter, shall mean any mortgage, deed of trust orother real property security instrument securing the payment or satisfaction of any debt or other obligation.

(L. 1993 H.B. 105 & 480)

Mortgage, assumption of upon purchase not construed to extend mortgage to other lands,when.

443.010. Where, by any deed which shall be hereafter executed, two or more lots or tracts of land or interests insuch shall be conveyed, and upon one or more of such tracts or lots there shall be any mortgage or deed of trust,or lien or encumbrance not covering the other or others of such tracts, the payment of which shall be assumed insaid deed, or where such mortgage or deed of trust or encumbrance shall be so recited in said deed that thepayment of it might be claimed to constitute a part of the consideration of such deed, such mortgage or deed oftrust or other encumbrance shall not be held by reason of such assumption or recital to constitute a vendor's lienupon, or to affect in any way, any property other than that specifically covered by such mortgage or deed of trustor other encumbrance unless it be clearly and in express words provided and set forth in said deed that it is

intended by such assumption or recital to fasten such mortgage or deed of trust or other encumbrance as avendor's lien upon any of the property conveyed, other than that specifically and prior thereto covered by it.

(RSMo 1939 3448)

Prior revisions: 1929 3061; 1919 2220

Claim of such extension barred, when.

443.020. Where heretofore such a deed has been executed containing such assumption or recitals, which might beclaimed to fasten such mortgage or deed of trust or other encumbrance as a vendor's lien upon land other than that

specifically covered by such mortgage or deed of trust or other encumbrance but in which the intention to createsuch vendor's lien is not clearly set forth, then such vendor's lien shall not be held to have been created, nor shallit be enforced, unless the party claiming or who might claim same shall, within two years after the indebtednesssecured by such vendor's lien shall become due, file suit in the proper court against the owner of such land andagainst other parties shown by the public records of the county to be interested in said land, to ascertain andadjudge the existence of such vendor's lien and its priority as to other encumbrances or liens, and to foreclosesuch vendor's lien.

(RSMo 1939 3449, A. 1949 S.B. 1125)

Prior revisions: 1929 3062; 1919 2221

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Prior acknowledgment of deed of trust deemed valid.

443.030. That in the absence of fraud, every acknowledgment of a deed of trust conveying any real estate in thisstate, taken before the trustee in said deed named, at least one year prior to the date this section shall take effect,shall be deemed valid and binding, and the fact that such acknowledgment was taken before said trustee shall not

in any manner affect the title to the real estate therein described, in the hands of a purchaser who in good faith haspurchased, or shall hereafter purchase, such real estate at a trustee's sale held in accordance with and under theterms of said deed of trust.

(RSMo 1939 3409)

Prior revision: 1929 3022

Recording of instrument required--failure to record, effect on persons subsequently obtaininginterest or lien.

443.035. 1. Security instruments may be assigned by instrument in writing, acknowledged by the assignor in themanner provided for the acknowledgment of other instruments affecting the title to real property, and may berecorded in the office of the recorder of deeds in the county or counties in which the security instrument beingassigned was recorded.

2. Any person who acquires an interest in or a lien upon real property for value and without notice of anunrecorded assignment of a security instrument recorded on or after January 1, 1986, and who has relied upon arelease of such security instrument executed by the party last shown of record to be the owner thereof, shallacquire the interest in or lien upon such real property free from the lien of the security instrument to the sameextent as if the release upon which reliance was placed had been executed by the lawful holder of the debt orother obligation secured by such security instrument. 3. No recorder of deeds in this state shall accept for recordany security instrument of assignment thereof in which the mortgagee, cestui que trust or assignee is named asbearer or the actual identity of the mortgagee, cestui que trust or assignee is otherwise not ascertainable from theface of the security instrument or assignment. All security instruments and assignments thereof presented forrecord shall contain the mailing address of the mortgagee, cestui que trust or assignee except, that the omissionthereof shall not affect the validity of any security instrument or assignment, or the constructive notice impartedby the record thereof.

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

Future advances may be secured, how--definitions--requirements--limitations--priorities--termination procedure, exceptions.

443.055. 1. As used in this section, the following terms mean:

(1) "Borrower", a person who is a mortgagor, deed of trust grantor, or debtor of any lender or a successor ininterest to any of the persons described in this subdivision;

(2) "Business or agricultural loan transaction", a loan or extension of credit or indebtedness of a borrower to alender, arising under a note, guarantee or other evidence of indebtedness, where the proceeds or benefits thereofare used primarily for agricultural purposes, or for purposes other than personal, family or household purposes;

(3) "Construction loan", a loan:




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(a) Which is secured by a security instrument; and

(b) The proceeds of which, by agreement of the borrower and lender, are intended to be used for the construction,alteration, modification or addition of improvements to real property; and

(c) The proceeds of which are disbursed in whole or in part by means of future advances or future obligations.The term "construction loan" includes loan proceeds used for expenses reasonably related to the construction,

alteration, modification or addition of improvements to real property including governmental fees, taxes, interest,attorneys' and accountants' fees, architects' fees, engineers' fees, utility charges, hook-up or tap-on fees, titleinsurance, surveys, rents, loan origination or servicing fees, and similar expenses;

(4) "Face amount", subject to the provisions of this section, the stated amount of the obligations which may besecured at any given time by the security instrument;

(5) "Future advance", any advance of funds, disbursement of loan proceeds or other exchange of value orconsideration from a lender to, or on behalf of, a borrower that occurs after the date of the security instrumentsecuring such future advance, regardless of whether such advance is made under a note, contract, guarantee orother evidence of indebtedness that was executed prior to or contemporaneously with such security instrument ormade under a future obligation;

(6) "Future obligation", an obligation or debt of a borrower to a lender arising under a note, contract, guarantee orother evidence of indebtedness that was executed or otherwise became effective after the date of the instrumentsecuring such future obligation, including, without limitation, any note or agreement that renews, extends, orotherwise modifies an obligation of a borrower to a lender that is secured by a security instrument under thissection;

(7) "Lender", any mortgagee, deed of trust beneficiary, or creditor holding a security instrument;

(8) "Owner", the owner of the interest in the real property encumbered by the security instrument, not includingthe trustee, mortgagee, or beneficiary under a deed of trust;

(9) "Person", a natural person, firm, partnership, association, or corporation;

(10) "Security instrument", a mortgage, deed of trust, or other real property security instrument securing therepayment of any obligation, containing, within the body of the instrument, the provisions described in subsection2 of this section and containing a provision expressly stating that the instrument is to be governed by this section.

2. Security instruments may secure future advances or other future obligations of a borrower to a lender, whetherthe advances or obligations are optional or obligatory with the lender. The future advances or future obligationsmay be evidenced by one or more notes, guarantees or other documents evidencing indebtedness of a borrower tolender, which documents shall not be required to be executed or delivered prior to the date of the securityinstrument securing them. Neither the existence nor priority of a security instrument otherwise complying withthe provisions of this section shall be adversely affected if at any time on or after the date of such securityinstrument there are no obligations then secured by the security instrument or the obligations secured by thesecurity instrument are reduced to zero. The fact that a security instrument secures future advances or futureobligations shall be clearly stated within the body of the security instrument, or within the body of anyamendment if such amendment is made to cause the original instrument to become a security instrument andsecure future advances or future obligations as provided in this section, and the security instrument shall state theface amount. The total amount of obligations that may be secured by such a security instrument may decrease orincrease from time to time, but except as to advances made pursuant to subsection 3 of this section, the totalprincipal amount of the obligations secured at any given time may not exceed the face amount stated in thesecurity instrument.

3. (1) Future advances made by a lender or future obligations incurred by a borrower for the reasonable protectionof the lender's security interest are secured by the security instrument and shall have the priority specified in




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subsection 5 of this section even though the security instrument does not provide for such future advances or suchfuture obligations, or even though such future advances or such future obligations cause the total indebtedness toexceed the face amount stated in the security instrument, or even though a notice of termination has been issuedpursuant to subsection 6 of this section. Such advances or obligations may include, but shall not be limited to, realproperty taxes, hazard insurance premiums, assessments or maintenance charges imposed under a condominiumdeclaration or restrictive covenant, subdivision assessments, reasonable repairs and maintenance, amounts dueunder prior mortgages or deeds of trust, leases, or other encumbrances, and reasonable costs and attorneys' feesincurred in enforcing the security instrument or the indebtedness which it secures.

(2) Future advances made or future obligations incurred under a construction loan are secured by the securityinstrument and shall have the priority specified by subsection 5 of this section even though the future advances orfuture obligations cause the total indebtedness to exceed the face amount stated in the security instrument, or eventhough a notice of termination has been issued pursuant to subsection 6 of this section if the lender complies withparagraph (d) of subdivision (2) of subsection 9 of this section.

4. The future advances and future obligations which may be secured by a security instrument shall be limited tothose obligations which are contractual in nature and those obligations referred to in subsection 3 of this section.

5. As to any third party who may acquire or claim any rights in or a lien upon the encumbered real property, thepriority of the lien of a security instrument securing future advances or future obligations shall date from the time

the security instrument is recorded, whether or not any third party has actual notice of any such advances orobligations and whether or not such advances or obligations are optional or obligatory with the lender. If anamendment to a mortgage, deed of trust, or other real property security instrument securing the repayment of anyobligation has been recorded which causes such instrument to become a security instrument or if an amendmentto a security instrument has been recorded which increases the total amount of the obligations which may besecured thereby, the priority of advances made or additional obligations incurred thereafter which exceed theoriginal face amount shall date from the date the amendment was recorded, as to any third parties who mayacquire any rights in or lien upon the encumbered real property, whether or not any third party has actual noticethereof and whether or not the advances or additional obligations are optional or obligatory with the lender.

6. At any time subsequent to the execution of a security instrument, the owner at that time may give a notice bysending it certified mail, return receipt requested, or by personal delivery (the affidavit of the party personally

delivering the notice to be prima facie proof of such delivery), to the lender by sending or delivering it to thelender if such person is an individual, or otherwise by sending or delivering it to the person specified in thesecurity instrument for such purpose, or by sending or delivering to any person on behalf of the lender, uponwhom personal service of process may be served as provided for in section 506.150, other than the secretary ofstate, and the notice shall state therein that the party sending the notice is the present owner of the interest in thereal property encumbered by the security instrument and that the prior owner elects to terminate the operation ofthe instrument as security for future advances or future obligations made or incurred after the date the lenderreceives the notice. The lender shall be entitled to rely on a statement received from a party purporting to be thethen owner as a statement received from the proper party unless the statement was relied upon in bad faith.Within fifteen days of the receipt of such a notice, the lender shall at its own cost record where the originalsecurity instrument was recorded, a statement referring to the original security instrument, legally describing thereal property therein, setting forth the fact of the receipt of the notice, stating the date of the receipt of suchnotice, and stating the total principal amount as of the date it received the notice of all the then outstanding debts

and obligations secured by the security instrument. Except as otherwise provided in this section:

(1) No advances made by the lender to the borrower or other obligations incurred by the borrower to the lender,after the date the lender receives the notice contemplated in this subsection, shall be secured by the securityinstrument; and

(2) The total debts so secured after receipt of such notice shall be limited in principal amount to the amount statedby the lender in its recorded notice, by which statement the lender shall be irrevocably bound; and

(3) Should the lender fail to file the statement specified in this subsection within the time period specified, the




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then owner may file a similar statement, and the lender shall be irrevocably bound by that party's statement of thetotal principal amount of the outstanding debts and obligations secured by the security instrument, so long as thestatement is made in good faith. Except as to the effect of the statement described in subdivision (3) of thissubsection, with regard to the amount specified in the statement, the lender's receipt of such a notice from theprior owner shall not affect the amount or priority position of advances previously made, or obligationspreviously incurred, or interest thereafter accruing on such obligations or advances. Any limitation upon theoperation of a security instrument to secure future advances and future obligations imposed as a result of thenotice given in accordance with this subsection shall not affect the security or priority of subsequent advancesmade or subsequent obligations incurred, as described in subdivision (1) or (3) of subsection 3 of this section, orsubdivision (2) of subsection 3 of this section if lender complies with paragraph (d) of subdivision (2) ofsubsection 9 of this section, or the right of the lender to seek recourse from the borrower for indebtedness inexcess of the amount secured by the security instrument.

7. A security instrument providing for the securing of future advances or future obligations, as provided in thissection, may secure a guarantee of other obligations. The priority of the lien of the security instrument securingthe guarantee, up to the face amount stated in the security instrument, shall be as provided in this section as if theobligations guaranteed were future obligations.

8. At any time subsequent to the execution of a security instrument securing a guarantee, the owner at that timemay give a notice, by sending it certified mail, return receipt requested, or by personal delivery (the affidavit of

the party personally delivering the notice to be prima facie proof of such delivery) to* the person guaranteed bysending or delivering it to such person if such person is an individual, or otherwise by sending or delivering it tothe person specified in the security instrument for such purpose, or by sending or delivering to any person onbehalf of the person guaranteed, upon whom personal service of process may be served as provided in section506.150, other than the secretary of state, and the notice shall state therein that the party sending the notice is thepresent owner of the interest in the real property encumbered by the security instrument and that the owner at thattime elects to terminate the operation of the security instrument as security for the guarantee as to debts andobligations made or incurred after the date the person guaranteed receives the notice. The person guaranteed shallbe entitled to rely upon a statement received from a party purporting to be the then owner as a statement receivedfrom the proper party, unless the statement was relied upon in bad faith. Within fifteen days of his receipt of sucha notice, the person guaranteed shall, at his own cost, record where the original security instrument was recorded,a statement referring to the original security instrument, legally describing the real property therein, setting forth

the fact of its receipt of the notice, stating the date of its receipt of such notice, and stating the total principalamount as of the date it received the notice of all the then outstanding debts and obligations guaranteed by theguarantee secured by the security instrument. Except as otherwise provided in this section, no guaranteed debts orguaranteed obligations incurred after the date the person guaranteed receives the notice contemplated in thissubsection shall be secured by the security instrument. Except as otherwise provided in this section, the totalguaranteed debts and guaranteed obligations so secured shall be limited in principal amount to the amount statedby the person guaranteed in his recorded notice, by which statement the person guaranteed will be irrevocablybound. Should the person guaranteed fail to record the statement specified in this subsection within the timeperiod specified, the owner at that time may record a similar statement, and the person guaranteed shall beirrevocably bound by that party's statement of the total principal amount of the then outstanding guaranteed debtsand guaranteed obligations secured by the security instrument, so long as the statement is made in good faith.Except as to the effect of the statement described in this subsection which may be recorded by the owner at thattime with regard to the amount specified therein, the receipt of such notice from the guarantor by the person

guaranteed shall not affect the amount or priority position of the security instrument for those debts or obligationspreviously incurred, or interest thereafter accruing on such obligations or debts which are guaranteed by theguarantee secured by the security instrument. Any limitation upon the operation of a security instrument to securethe guarantee imposed as a result of the notice given in accordance with this subsection shall not affect thesecurity or priority of subsequent advances made or obligations thereafter incurred by the person guaranteedpursuant to subdivision (1) or (3) of subsection 3 of this section or subdivision (2) of subsection 3 of this sectionif the lender complies with paragraph (d) of subdivision (2) of subsection 9 of this section, the payment of whichis guaranteed by the guarantee secured by the security instrument, or the right of the lender to seek recourse fromthe guarantor for guaranteed indebtedness in excess of the amount secured by the security instrument.




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9. (1) Notwithstanding the provisions of subsections 6 and 8 of this section, if the conditions of subdivision (2) ofthis subsection are fulfilled, the notice of termination shall be ineffective:

(a) To the extent of the liability of the lender obligated under an irrevocable letter of credit and to the extent thesecurity instrument secures the repayment of obligations to the lender arising therefrom; or

(b) To the extent of the liability of the guarantor to a person guaranteed and to the extent the guarantee is secured

by the security instrument, and was given in a business or agricultural loan transaction; or

(c) To the extent that a security instrument secures the liability of a third party in a business or agricultural loantransaction; or

(d) As to those future advances made or future obligations incurred and described in subdivision (2) of subsection3 of this section after receipt by the lender or person guaranteed of a notice of termination and relating to theconstruction project existing on the date of receipt of the notice.

(2) For the notice of termination to be ineffective as set forth in subdivision (1) of this subsection, the statementto be recorded by the lender must contain, in addition to the other information required by subsections 6 and 8 ofthis section, the following:

(a) Notice that the security instrument secures the repayment of obligations or advances arising from liabilityunder an irrevocable letter of credit and the total current amount of such liability, if it secures such a liability; or

(b) Notice that the security instrument secures repayment of obligations or advances arising from a guaranteegiven in a business or agricultural loan transaction, if it secures such a liability; or

(c) Notice that the security instrument secures the liability of a third party in a business or agricultural loantransaction, if it secures such a liability; or

(d) Notice that the security instrument secures a construction loan and the total amount of the loan determined asif the principal amount committed to be advanced, whether or not the lender is obligated to advance all suchamounts, pursuant to a construction loan was fully funded as of the date of the receipt of the notice, if it secures

such a liability.

(3) Notwithstanding the provisions of subsections 6 and 8 of this section, no notice of termination shall beeffective as to those future advances made or future obligations incurred and described in subdivision (1) or (3) ofsubsection 3 of this section.

(4) Once given, the additional information required by subdivision (2) of this subsection in the statement to berecorded shall be for informational purposes only and shall not constitute a limitation on the amount of futureadvances or future obligations secured, or to be secured in the future, under the security instrument.

10. Any mortgage or deed of trust which does not fall within the definition of a security instrument as set forth insubsection 1 of this section shall be governed as otherwise provided by the laws of this state without reference to

this section.

11. Nothing contained in this section shall invalidate, or adversely affect the priority or validity of, any securityinstrument duly recorded prior to September 1, 1992. To the extent that such instrument was in compliance withthe provisions of this section in effect prior to September 1, 1992, it shall continue to be governed by thoseprovisions as if such provisions had not been repealed unless an amendment is made to such security instrumentclearly indicating that the security instrument is to be governed by the provisions of this section in existence afterSeptember 1, 1992, whereupon the security instrument shall be governed hereby from and after the date theamendment is recorded. The fact that such security instrument is amended so as to be governed by this sectionshall not affect the rights of third parties in the encumbered real property existing on the date of the recordation ofthe amendment.




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(L. 1981 S.B. 40, A.L. 1982 H.B. 1781, A.L. 1984 H.B. 1409, A.L. 1991 S.B. 31, A.L. 1992 S.B. 688)

*Word "to" does not appear in original rolls.

Acknowledgment of satisfaction and release, how made.

443.060. 1. If any mortgagee, cestui que trust or assignee, or personal representative of the mortgagee, cestui quetrust or assignee, receive full satisfaction of any security instrument, he shall, at the request and cost of the personmaking the same, deliver to such person a sufficient deed of release of the security instrument; but it shall not inany case be necessary for the trustee to join in such deed of release. In the case of security instruments recordedprior to January 1, 1986, if a full deed of release is offered for record, and except as otherwise provided insubsection 3 of this section, the note or notes secured shall be produced and canceled in the presence of therecorder, who shall enter that fact on the deed of release prior to its recordation and attest the same with hisofficial signature; and except as otherwise provided in subsection 3 of this section, no full deed of release of sucha security instrument shall be admitted to record unless the note or notes are so produced and canceled, and thatfact entered on the deed of release and attested as above provided.

2. If such note or notes are required by subsection 1 of this section to be presented for cancellation and are not

presented for the alleged reason that they have been lost or destroyed, the recorder, before allowing any deed ofrelease to be placed on the file or record, shall require the mortgagee or cestui que trust named in the securityinstrument desired to be released or his legal representative, to make oath, in writing, stating that the note or otherevidences of debt named in the security instrument sought to be released have been paid and delivered to themaker thereof or his representative. The recorder shall also require the maker of such note or notes, or his legalrepresentative, to make affidavit, in writing, that the note or notes in question have been paid, and cannot beproduced because lost or destroyed, and that they are not then in the possession of any person having any lawfulclaim to the same. If such note or notes shall not have been delivered to the maker or his legal representative, theaffidavit so required of the mortgagee or cestui que trust or his legal representative shall recite that the note orother evidence of the debt named in the security instrument has been paid and cannot be produced because lost ordestroyed, and that it is* not then in the possession of any person having any lawful claim to the same. The term"legal representatives" as used in this section shall include assigns. The affidavit of the maker of such note ornotes or his legal representative shall recite that such note or notes have been paid. The affidavits so required

shall be recorded in the same manner as deeds, in a permanent record. Nothing in this chapter shall be soconstrued as to require that any interest coupon notes shall be produced and canceled in the presence of therecorder, but that all such interest coupon notes shall conclusively be taken and be deemed to have been paid infull, when the principal note described in the security instrument shall have been produced and canceled in thepresence of the recorder as provided for in this chapter.

3. In case any mortgagee, cestui que trust or assignee, or personal representative of the mortgagee, cestui que trustor assignee shall desire to release the property described in any security instrument recorded prior to January 1,1986, without receiving full satisfaction of the debt, note or obligation thereby secured, he shall be permitted todo so by the recorder on presentation to the recorder of the notes or other obligations evidencing the principal ofthe debt secured thereby, or accounting for them by affidavits or otherwise as now or hereafter provided by law inthe case of full release, and the recorder shall note the fact of the filing for record of such release on such notes or

obligations in substantially the following form:

"See release dated .................................................................. ............................... Recorder" and of thepresentation of such notes or other obligations, or accounting therefor, on the deed of release prior to itsrecordation, but shall not cancel such notes or other obligations. Nothing in this section shall be construed asmaking it necessary for any trustee named in the security instrument to join in such deed of release.

(RSMo 1939 3465, A.L. 1975 H.B. 226, A.L. 1985 H.B. 210, A.L. 1991 S.B. 364)

Prior revisions: 1929 3078; 1919 2237; 1909 2844

*Words "they are" appear in original rolls.




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Affidavit required with deed of release, when--penalty for failure.

443.070. Every person who shall execute a deed of release of a security instrument recorded prior to January 1,1986, shall at the same time of making and delivering such release deed, make and deliver the affidavit requiredby section 443.060 unless such deed of release states that the indebtedness remains unpaid in whole or in part;

and a neglect or refusal to do so shall subject the party or person thus neglecting or refusing to the same penaltiesas provided by law in case of refusing to satisfy security instruments when paid. The affidavit named in thissection may be endorsed upon the deed of release and recorded with it.

(RSMo 1939 3466, A.L. 1975 H.B. 226, A.L. 1985 H.B. 210)

Prior revisions: 1929 3079; 1919 2238; 1909 2845

Effective 1-1-86

Satisfaction of mortgage, deed of trust or security instrument of railroad or utility, whenentered.

443.080. The trustee, or trustees, in any security instrument given or which may hereafter be given by a railroadcompany or other public utility company which is subject to the regulation of the motor carrier and railroad safetydivision of the department of economic development, or successors, upon its property or any part thereof, mayenter satisfaction of said security instrument upon the records where the same has been recorded. Where suchsecurity instrument was recorded prior to January 1, 1986, without producing the bonds, notes or coupons securedby said security instrument, satisfaction shall not be entered unless the trustee, or if said trustee is a corporation,its president or vice president, and the president or vice president of the railroad company or other public utilitycompany, or of its successors or assigns, shall make and file with the recorder affidavits stating that all of thebonds, notes or coupons secured by said security instrument have been paid or that sufficient funds have beendeposited with a bank or trust company to pay all the bonds, notes or coupons still outstanding and unpaid; andthat said money is deposited for the express purpose of paying said bonds, notes or coupons when the same shall

be presented at said bank or trust company for payment.

(RSMo 1939 3467, A.L. 1947 V. I p. 229, A.L. 1985 H.B. 210)

Prior revisions: 1929 3080; 1919 2239; 1909 2846

Effective 1-1-86

CROSS REFERENCE:

Division of motor carrier and railroad safety abolished, duties and functions transferred to highways and transportation commission and department oftransportation, 226.008

Part of property may be released, how.

443.090. In case any person desires to release any part of the property described in any security instrumentrecorded prior to January 1, 1986, by deed of release, he shall be permitted to do so by the recorder onpresentation to the recorder of the notes or other obligations evidencing the principal of the debt secured thereby,or accounting for them by affidavits or otherwise as now or hereafter provided by law in the case of full release,and the recorder shall note the fact of the filing for record of such partial release on such notes or obligations insubstantially the following form:

"See partial release dated .......................................................




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....................... Recorder" and of the presentation of such notes or other obligations, or accounting therefor, on thedeed of release prior to its recordation, but shall not cancel such notes or other obligations. Nothing in this sectionshall be construed as making it necessary for any trustee named in the security instrument to join in such partialdeed of release.

(RSMo 1939 3468, A.L. 1985 H.B. 210, A.L. 1991 S.B. 364)

Prior revisions: 1929 3081; 1919 2240; 1909 2847

Payment of one or more notes, how canceled--memorandum on record--affidavit required,content, to be presented to recorder.

443.100. In cases where a number of notes are named in any security instrument which was recorded prior toJanuary 1, 1986, on payment of any one or more of such notes, the maker thereof may make affidavit as to suchpayment, which such affidavit shall refer to the security instrument by book and page of record and contain adescription of the land encumbered thereby and shall present the same along with the note or notes to therecorder, and the recorder shall cancel the notes and make a memorandum of such presentation and cancellationon the margin of the affidavit, which shall then be filed for record.

(RSMo 1939 3469, A.L. 1985 H.B. 210, A.L. 1994 H.B. 1312)

Prior revisions: 1929 3082; 1919 2241; 1909 2848

Partial release of certain mortgages, deeds of trust or security instruments made how--conditions--requirements.

443.110. Whenever any security instrument heretofore or hereafter executed, providing for the issue of a series ofnotes or bonds aggregating one hundred thousand dollars or more not including interest or interest notes orcoupons secured in whole or in part by property located in this state, by its terms confers authority upon the

trustee or trustees therein named, or either of them, to release the property or any part thereof encumbered by anysuch security instrument from the lien thereof, such release may be so made and it shall be the duty of therecorder of deeds of the county in which the property so released from such security instrument shall be situatedto accept and record in the proper records any deed of release executed and duly acknowledged by such trustee,pursuant to the authority conferred by such security instrument, releasing the whole or any part of suchmortgaged property; provided, however, that in the case of a security instrument which shall not have beenqualified under the Federal Trust Indenture Act of 1939, as from time to time amended, no such release shall bemade unless such security instrument shall contain a provision requiring that the amount due under the securityinstrument or the amount of money or other consideration received from the sale of the property described in suchrelease or such portion thereof as may be stipulated in such security instrument shall be deposited with somebanking firm or banking corporation or trust company named in such security instrument for the benefit of theholders of such notes or bonds, or a provision requiring that there shall have been reinvested in property subjectto the lien of such security instrument an amount of money equal to the value of the property so released;provided, however, if there shall have been such reinvestments as provided by the terms of such securityinstrument, which shall not have been qualified under the Federal Trust Indenture Act of 1939, as from time totime amended, there shall be filed with the recorder of deeds, together with the aforesaid release, a certificate thatat a meeting of the bondholders or noteholders, held at the place named in the security instrument for the paymentof the principal of such bonds or notes, after publication of notice of such meeting for two weeks in somenewspaper regularly published at such place, less than a majority in interest of the bonds or notes represented atsuch meeting voted against such release or a certificate that none of the bonds or notes were represented at suchmeeting. Such certificate shall be made by the person who shall at such meeting be elected chairman thereof, andupon the filing thereof the recorder of deeds shall record said release as aforesaid; and provided further, that if themortgaged property be subject to several security instruments, and upon the sale of only a part of the property




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covered by such security instruments, the amount of money or other consideration received from the sale of theproperty described in such release shall have been deposited with the banking firm or banking corporation or trustcompany named in the first security instrument for the benefit of the holders of the notes or bonds therebysecured in the order of their priority, and the excess if any, for the benefit of the holders of notes or bonds securedby the subsequent security instruments in the order of their priority, and such depositary shall so certify, then theproperty so sold may be released by the trustees in each of the security instruments, which confer authority uponthe trustee or trustees therein named to release such property from the lien of such security instruments.

(RSMo 1939 3470, A.L. 1947 V. I p. 229, A.L. 1985 H.B. 210)

Prior revisions: 1929 3083; 1919 2242

Effective 1-1-86

Penalty for making false affidavit.

443.120. Any person who shall swear falsely in making any of the affidavits provided for in sections 443.060,443.070, 443.090 and 443.100 shall be deemed to be guilty of perjury, and on conviction, shall be punished asmay be provided by law for such offense.

(RSMo 1939 3471)

Prior revisions: 1929 3084; 1919 2243; 1909 2849

Liability for failing to satisfy--demand by certified mail required.

443.130. 1. If the secured party, receiving satisfaction for the debt secured pursuant to this chapter, does not,within forty-five days after request and tender of costs, submit for recording a sufficient deed of release, suchsecured party shall be liable to the mortgagor for the lesser of an amount of three hundred dollars a day for eachday, after the forty-fifth day, that the secured party fails to submit for recording a sufficient deed of release or tenpercent of the amount of the security instrument, plus court costs and attorney fees to be recovered in any court ofcompetent jurisdiction. In the event a document submitted for recording by a secured party is rejected forrecording for any reason, such secured party shall have sixty days following receipt of notice that the documenthas been rejected in which to submit a recordable and sufficient deed of release.

2. To qualify under this section, the mortgagor or his or her agent shall provide the request in the form of ademand letter to the secured party by certified mail, return receipt requested or in another form that providesevidence of the date of receipt to the mortgagor. The letter shall include good and sufficient evidence that the debtsecured by the deed of trust was satisfied with good funds, and the expense of filing and recording the release wasadvanced.

3. In any action against such person who fails to release the lien as provided in subsections 1 and 2 of this section,

the plaintiff, or his or her attorney, shall prove at trial that the plaintiff notified the holder of the note by certifiedmail, return receipt requested, or as otherwise permitted by subsection 2 of this section.

(RSMo 1939 3472, A.L. 1994 H.B. 1312, A.L. 1996 H.B. 1432, A.L. 2004 H.B. 959)

Prior revisions: 1929 3085; 1919 2244; 1909 2850

Attorney in fact may enter satisfaction.




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443.140. Any attorney in fact, to whom the money due on any security instrument is paid, shall have power toexecute a release, as specified in section 443.060. Such deed of release, duly acknowledged and recorded, shallhave the effect to release the security instrument, and bar all actions brought thereon, and revest in the mortgagor,or person who executed the security instrument, or his legal representatives, all title to the property contained insuch security instrument.

(RSMo 1939 3473, A.L. 1994 H.B. 1312)

Prior revisions: 1929 3086; 1919 2245; 1909 2851

Acknowledgment and satisfaction--how made by a corporation.

443.150. Hereafter any president, vice president, secretary, treasurer or cashier of any corporation may, in thename and on behalf of such corporation, execute releases of any security instrument by release deed, with thesame force and effect and in like manner as if executed by the president of such corporation.

(RSMo 1939 3474, A.L. 1994 H.B. 1312)

Prior revisions: 1929 3087; 1919 2246

Personal representative may satisfy and deliver deed or release.

443.160. The personal representative of the holder or owner of any indebtedness secured by any securityinstrument, shall, if such indebtedness had been paid to the decedent in such decedent's lifetime, upon request ofthe owner or owners of the property conveyed by such security instrument, deliver to such person a sufficientdeed of release of such security instrument.

(RSMo 1939 3476, A.L. 1994 H.B. 1312)

Prior revisions: 1929 3089; 1919 2248; 1909 2853

Penalty for failing to acknowledge satisfaction and deliver deed of release.

443.170. If such personal representative, upon satisfactory proof produced to the personal representative of thepayment of such indebtedness to the decedent, does not, within thirty days after request and tender of expenses,deliver to the person owning the property a sufficient deed of release, the personal representative shall personallyforfeit to the party aggrieved ten percent of the amount of the security instrument, absolutely, and any otherdamages such aggrieved party may be able to prove such party has sustained, to be recovered in any court ofcompetent jurisdiction.

(RSMo 1939 3477, A.L. 1994 H.B. 1312)

Prior revisions: 1929 3090; 1919 2249; 1909 2854

Sections 443.160 and 443.170 construed.

443.180. Nothing contained in sections 443.160 and 443.170 shall be so construed as to make any executor oradministrator liable to his decedent's estate for any indebtedness by mortgage or deed of trust, released by him inaccordance with this chapter.




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(RSMo 1939 3478)

Prior revisions: 1929 3091; 1919 2250; 1909 2855

Releases of mortgages or deeds of trust defective--deemed valid, when.

443.185. Any and all releases of mortgages and deeds of trust on lands in this state, securing the payment of anydebt or obligation, which have been recorded in the office of the recorder of deeds in the county in which suchland is located for ten years or more, and which purport to release any such mortgage or deed of trust and the debtor obligation secured thereby, and which purport to have been executed by the mortgagee or cestui que trust ofsuch mortgage or deed of trust, or by his agent or attorney, or by any assignee, or his agent or attorney, or by theexecutor or administrator of any deceased mortgagee or cestui que trust, or of any deceased assignee, or by anyperson acting for a corporation which is either the mortgagee or the cestui que trust, or the assignee, of saidmortgage or deed of trust, shall be deemed to be valid, and the lien of such mortgage or deed of trust shall bedeemed to be canceled and discharged, notwithstanding any defect in the execution, acknowledgment, certificateof acknowledgment, recording or certificate of recording of the same; except that this section shall not apply toany mortgage or deed of trust unless the debt or obligation secured thereby has been due and payable for at leastten years. Any person desiring to assert any right or claim which would be barred by this section may do so bybringing an appropriate action to establish such right or claim, at any time within two years after the passage ofthis section, but not thereafter.

(L. 1951 p. 746)

Petition to foreclose, where filed.

443.190. All mortgagees of real estate or persons holding security interests in personal estate, including leaseholdinterests, when the debt or damages secured amount to fifty dollars or more, may file a petition in the office of thecircuit court against the mortgagor or the debtor and the actual tenants or occupiers of the real estate, or personsin possession of personal property, setting forth the substance of the mortgage deed or security agreement, and

praying that judgment may be rendered for the debt or damages, and that the equity of redemption may beforeclosed, and the mortgaged property or collateral sold to satisfy the amount due.

(RSMo 1939 3447, A.L. 1965 p. 114)

Prior revisions: 1929 3060; 1919 2219; 1909 2828

CROSS REFERENCE:

Right to foreclose barred when note barred, 516.150

Petition, where filed.

443.200. If any part of the property be real estate, the petition may be filed in any county where any part of themortgaged premises is situated; if it be exclusively personal estate, it may be filed and proceeded with as in othercivil actions.

(RSMo 1939 3452)

Prior revisions: 1929 3065; 1919 2224; 1909 2831




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Proceedings to be as in civil actions.

443.210. The issue, service and return of summons and executions, and all proceedings under sections 443.010 to443.440, shall be subject to and governed by the law regulating proceedings in civil suits, except as otherwiseherein provided.

(RSMo 1939 3455)

Prior revisions: 1929 3068; 1919 2227; 1909 2834

Who may be made parties.

443.220. Any person claiming an interest in the mortgaged property or collateral may, on motion, be madedefendant to the proceedings, and may answer in avoidance or bar of the deed, security agreement, or debt ordamages and issue shall be made and tried as in other civil suits.

(RSMo 1939 3456, A.L. 1965 p. 114)

Prior revisions: 1929 3069; 1919 2228; 1909 2835

Judgment on constructive notice.

443.230. When the mortgagor or debtor is not summoned, but notified by publication, and has not appeared, theudgment, if for the plaintiff, shall be that he recover the debt and damages, or damages, found to be due, and

costs, to be levied of the mortgaged property or collateral, describing it as in the mortgage or security agreement.

(RSMo 1939 3457, A.L. 1965 p. 114)

Prior revisions: 1929 3070; 1919 2229; 1909 2836

Judgment on personal service.

443.240. When the mortgagor or debtor has been duly summoned, or appears to the action, the judgment, if forthe plaintiff, shall be as in section 443.230 specified, with the addition that if the mortgaged property or collateralis not sufficient to satisfy the debt and damages, or damages and costs, then the residue is to be levied of othergoods, chattels, lands and tenements of the mortgagor or debtor.

(RSMo 1939 3458, A.L. 1965 p. 114)

Prior revisions: 1929 3071; 1919 2230; 1909 2837

Proceedings where mortgagee, secured party, mortgagor or debtor dies.

443.250. In case of the death of the mortgagee or the secured party or his assignee, or of the mortgagor or debtor,whether before or after action brought, the personal representative of the deceased party shall be made plaintiff ordefendant, as the case may require.

(RSMo 1939 3453, A.L. 1965 p. 114)




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Prior revisions: 1929 3066; 1919 2225; 1909 2832

Judgment when personal representative is party defendant.

443.260. When the personal representative of the mortgagor or debtor has been duly summoned, or appears to theaction, the judgment, if for the plaintiff, shall be as before directed; and if, in such case, the mortgaged property

or collateral be insufficient to satisfy the debt and damages, or damages and costs, the judgment, as to the residue,shall have the effect of a judgment against an executor or administrator, as such.

(RSMo 1939 3454, A.L. 1965 p. 114)

Prior revisions: 1929 3067; 1919 2226; 1909 2833

Execution to be a special fieri facias.

443.270. The execution to be issued shall be a special fieri facias, in accordance with the judgment, and shall beexecuted and returned as executions in ordinary civil suits.

(RSMo 1939 3459)

Prior revisions: 1929 3072; 1919 2231; 1909 2838

Title which purchaser acquires.

443.280. A purchaser under a sale by virtue of an execution on a judgment rendered in pursuance of theprovisions of sections 443.010 to 443.440 shall take a title as against the parties to the suit, but he shall not bepermitted to set it up against the subsisting equities of those who are not parties thereto.

(RSMo 1939 3460)

Prior revisions: 1929 3073; 1919 2232; 1909 2839

Mortgages and security agreements with power of sale.

443.290. All mortgages of real property or security agreements providing for a security interest in personalproperty, or both, with powers of sale in the mortgagee or secured party, and all sales made by such mortgagee,secured party or his personal representatives, in pursuance of the provisions of the mortgages or securityagreements, shall be valid and binding by the laws of this state upon the mortgagors and debtors, and all persons

claiming under them, and shall forever foreclose all right and equity of redemption of the property so sold.Nothing herein shall be construed to affect in any way the rights of a tenant to the growing and unharvested cropson lands foreclosed as aforesaid, to the extent of the interest of the tenant under the terms of contract or leasebetween the tenant and the mortgagor or his personal representatives.

(RSMo 1939 3462, A.L. 1965 p. 114)

Prior revisions: 1929 3075; 1919 2234; 1909 2841




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Death of debtor, foreclosure stayed.

443.300. If any person shall die owning real estate on which there is an outstanding deed of trust or mortgage ofreal estate, or having subjected personal property to a security interest with power of sale, shall die, no sale shalltake place under the deed of trust or mortgage conveying real estate within six months after the death of suchperson, and no sale shall take place of personal property so subjected to a security interest within four monthsafter the death of the person.

(RSMo 1939 140, A.L. 1965 p. 114, A.L. 1973 S.B. 166)

Prior revisions: 1929 141; 1919 140; 1909 149

Sales, where made--number of days' notice.

443.310. All sales of real estate under a power of sale contained in any mortgage or deed of trust executed afterAugust 28, 1989, shall be made in the county where the land to be sold is situated, and not less than twenty days'notice of such sale shall be given, whether so provided in such mortgage or deed of trust or not. Where theproperty to be sold is located in more than one county, the property may be sold in any county where a part of the

property is located.

(RSMo 1939 3463, A.L. 1989 H.B. 49)

Prior revisions: 1929 3076; 1919 2235; 1909 2842

Notice, contents--how published.

443.320. The notice required by section 443.310 shall set forth the date and book and page of the record of suchmortgages or deeds of trust, the grantors, the time, terms and place of sale, and a description of the property to besold, and shall be given by advertisement, inserted for at least twenty times, and continued to the day of the sale,

in some daily newspaper, in counties having cities of fifty thousand inhabitants or more, and in all other countiessuch notice shall be given by advertisement in some weekly newspaper published in such county for foursuccessive issues, the last insertion to be not more than one week prior to the day of sale, or in some daily,triweekly or semiweekly paper published in such county at least once a week for four successive weeks. Suchnotice shall appear on the same day of each week, the last insertion to be not more than one week prior to the dayof sale, and if there be no newspaper published in such county or city, such notice shall be published in thenearest newspaper thereto in this state. Nothing in this section shall be construed to authorize the giving of anyshorter notice than that required by such mortgage or deed of trust. Where the property to be sold lies wholly or inpart within the corporate limits of any city having or that may hereafter have a population of fifty thousandinhabitants or more, then the notice provided for in this section shall be published in a daily newspaper in suchcity and where the property to be sold lies wholly or in part within the corporate limits of a city extending intotwo or more counties, then the notice provided for in this section shall be published in some newspaper publishedin the county in which the property lies, in the manner provided in this section for publication in such county,even though such property may lie in a city having a population of fifty thousand inhabitants or more. Where theproperty to be sold is located in more than one county, the notices required in this section shall be published ineach county in which a part of the property is located. Other provisions of this section to the contrarynotwithstanding, in any county of the first class not having a charter form of government and containing a portionof a city with a population over three hundred fifty thousand and in any county of the second class containing aportion of a city with a population over three hundred fifty thousand, the notice requirements of section 443.310and this section may be met by advertisement in some weekly newspaper published in such counties for foursuccessive issues, the last insertion to be not more than one week prior to the date of the sale.

(RSMo 1939 3464, A.L. 1943 p. 402, A. 1949 S.B. 1125, A.L. 1951 p. 748, A.L. 1989 H.B. 49)




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Prior revisions: 1929 3077; 1919 2236; 1909 2843

CROSS REFERENCE:

Notice, how published in city of St. Louis, 493.100 to 493.120

Individual notice of foreclosure sale--form of request for--recorder's duty--foreclosing part togive notice--release of security instrument, effect of--notice deemed given, when.

443.325. 1. Any person desiring notice of sale under any deed of trust or mortgage with power of sale upon realproperty may, at any time subsequent to recordation of such deed of trust or mortgage, cause to be filed for recordin the office of the recorder of each county in which any part or parcel of the real property is situated a dulyacknowledged request for such notice of sale. This request shall specify the name and address of the person towhom the notice is to be mailed and shall identify the deed of trust or mortgage by stating the names of theparties thereto and the legal description of the land described therein and the book and page where the same isrecorded or the recorder's number and shall be in substantially the following form:

"In accordance with RSMo, 443.325, request is hereby made that notice of sale under the deed of trust (ormortgage) recorded the .... day of ...., 20.., (as recorder's number .... or in Book ...., Page ....) of the records of ....County, Missouri, the legal description of the property being .... in County, Missouri, executed by .... as Grantor(or Mortgagor) in which .... is named as beneficiary (or Mortgagee) and .... as Trustee, be mailed to .... (Name)at ...., (Address) ...., (City) (State).

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

(Signature)

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

(Acknowledgment)" A separate request shall be filed for each person desiring notice of sale.

2. Upon the filing for record of such request, the recorder shall index the request in a separate index so that thename of the mortgagor or grantor shall be indexed as the grantor, and the name of the requesting party shall beindexed as the grantee.

3. In the event of foreclosure under a power of sale, the foreclosing mortgagee or trustee shall, not less thantwenty days prior to the scheduled date of the sale, cause to be deposited in the United States mail an envelopecertified or registered, and with postage prepaid, enclosing a notice containing the information required in thepublished notice of sale referred to in section 443.320, addressed

(1) To each person whose name and address is set forth in any such request recorded at least forty days prior tothe scheduled date of sale; and

(2) To the person shown by the records in the office of the recorder of deeds to be the owner of the property as offorty days prior to the scheduled date of foreclosure sale at the foreclosing mortgagee's last known address forsaid record owner; and

(3) To the mortgagor or grantor named in the deed of trust or mortgage at the foreclosing mortgagee's last knownaddress for said mortgagor or grantor.

(4) Actual receipt by the addressee of the envelope referred to above shall not be necessary to establishcompliance with the notice requirements of subsection 3 hereof. Recording of receipt issued by the United StatesPost Office for certified or registered mail to evidence that said envelope has been delivered by the sender to theUnited States Post Office shall constitute proof of compliance with notice requirements of subsection 3 hereof.




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4. The foreclosing mortgagee* or trustee of a deed of trust or mortgage filed subsequent to a deed of trust ormortgage for which a request has been recorded in accordance with subsection 1 hereof shall give notice to eachperson named in each such request so long as the prior deed of trust or mortgage identified in such notice has notbeen released of record.

5. The release of a deed of trust or mortgage shall cancel of record all requests for notice which pertain to thedeed of trust or mortgage identified in such request.

(L. 1973 H.B. 164, A.L. 1975 H.B. 226)

Effective 7-14-75

*Word "mortgages" appears in original rolls.

Sale by trustee exercising powers under security instrument--times when sale may be held--places where sale may be held.

443.327. The trustee exercising a power of sale granted in any security instrument may in the trustee's discretionset the time for sale at any commercially reasonable time, unless the security instrument specifies an hour atwhich the sale is to occur. The time for sale will be deemed to be commercially reasonable if the sale is heldbetween the hours of 9:00 a.m. and 5:00 p.m. on the date of sale. If no time is stated in the notice of sale, then thesale shall be held at the time customary for such sales in the county. If the trustee elects to state a specific time forsale in the notice of sale, then the sale shall be held at the time stated in the notice unless the sale is continued asmay be otherwise provided by law.

(L. 1992 S.B. 688, A.L. 1994 H.B. 1312)

Trustee failing to execute trust, parties interested may proceed, how.

443.330. If any trustee in any deed of trust to secure the payment of a debt or other liability shall die, or has died,shall become or has become mentally incapacitated, shall remove or has removed out of this state, shall neglect orrefuse or has neglected or refused to act as such trustee, or shall or has become unable, by sickness or otherdisability, to perform or execute his trust, any person interested in the debt or other liability secured by such deedof trust, may present his or their affidavit, stating the facts of the case, specifically, to the circuit court of thecounty in which the property or estate conveyed by such deed of trust, or any part thereof, is situated.

(RSMo 1939 3525, A. 1949 S.B. 1125, A.L. 1983 S.B. 44 & 45)

Prior revisions: 1929 3135; 1919 13418; 1909 11919

Court to appoint sheriff or other suitable person, when--power and duties of trustee.

443.340. If such court shall be satisfied that the facts stated in such affidavit are true, it shall make an orderappointing the sheriff, or some other suitable person of the county, trustee to execute such deed of trust, in theplace of the original trustees; and thereupon such sheriff, or other suitable person appointed by said court, shall bepossessed of all the rights, powers and authority possessed by the original trustee, under the deed of trust, andsuch sheriff or other person shall proceed to sell and convey the property and to pay off the debts and liabilitiesaccording to the directions of the deed of trust, and shall do all other acts the original trustee had power to do, andwith the same force and effect.

(RSMo 1939 3527, A. 1949 S.B. 1125)




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Prior revisions: 1929 3137; 1919 13419; 1909 11920

Foreign corporation or person not to act as trustee, unless domestic corporation or residenttrustee be named as cotrustee--domestic corporation under no disability because articles donot contain specific power.

443.350. No foreign corporation or individual shall act as trustee in any security instrument made after August28, 1994, affecting any property, real or personal, situate or being in this state, unless in such instrument there isnamed as cotrustee a corporation organized under the laws of this state, or an individual citizen of the state ofMissouri. If any Missouri corporation is designated trustee in any security instrument or is appointed a successortrustee, it shall not be considered to be subject to any disability to act as such because it is organized under achapter of the Missouri revised statutes other than chapter 362, or because its articles of incorporation do notcontain a specific power to execute trusts or serve as trustee under security instruments.

(RSMo 1939 3482, A.L. 1994 H.B. 1312)

Prior revisions: 1929 3095; 1919 2254; 1909 2859

CROSS REFERENCE:

Trust company's powers under reciprocal corporate fiduciary powers act, 362.600

Continuance of sale by trustee without readvertisement, manner--restrictions.

443.355. 1. A trustee exercising a power of sale granted in any security instrument may, in his discretion,continue the sale without readvertisement or mailing additional notice by announcing or causing to be announcedon the day and at the time and place of sale the fact of such continuance. The announcement shall contain thedate, time and place to which the sale is continued. No party shall have a cause of action for damages against atrustee for continuing or refusing to continue a sale as provided in this section.

2. Only one continuance shall be made under the authority granted by this section, which continuance shall be fora period of not to exceed seven days. The provisions of this section shall not prevent the holder of a securityinstrument and the owner of the land encumbered thereby from agreeing to more than one continuance or tocontinuances for more than one week. Nothing in this section shall prevent a trustee from abandoning a salebefore its completion and commencing new sale proceedings after compliance with sections 443.310, 443.320and 443.325.

(L. 1993 H.B. 105 & 480)

Compensation of trustees under trust deeds.

443.360. As a compensation for his services, any person selling property at auction under any writing, instrumentor deed made or executed for securing the payment of any debt shall receive a commission on the amount of salesnot exceeding two percent on the first one thousand dollars, and one percent on all sums over that amount andunder five thousand dollars, and one-half of one percent on all sums over that amount.

(RSMo 1939 3479)

Prior revisions: 1929 3092; 1919 2251; 1909 2856




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Penalty for overcharging.

443.370. Any person taking a larger compensation for his services, as aforesaid, shall be liable to any partyinterested in such writing, instrument or deed, in a sum double the amount taken for such services, recoverable bya suit in a court of competent jurisdiction.

(RSMo 1939 3480)

Prior revisions: 1929 3093; 1919 2252; 1909 2857

Recitals in deed prima facie evidence.

443.380. Whenever any real estate within this state shall have been or shall hereafter be sold by any trustee ormortgagee, or sheriff or other person acting as trustee, under a power of sale given in any mortgage or deed oftrust, the recitals in the trustee or mortgagee's deed concerning the default, advertisement, sale or receipt of thepurchase money, and all other facts pertinent thereto, shall be received as prima facie evidence in all courts of thetruth thereof.

(RSMo 1939 3481)

Prior revisions: 1929 3094; 1919 2253; 1909 2858

Trustee's deed not to be accepted by recorder in certain cities or counties unless unpaid notesare produced--duties of recorder.

443.390. In all cities in this state which now have or which may hereafter have three hundred fifty thousandinhabitants or more and in all counties in this state of the first class, no trustee's deed or mortgagee's deed underpower of sale in foreclosure of any security instrument recorded prior to January 1, 1986, shall be accepted by the

recorder of deeds for record unless:

(1) The principal note or notes or other principal obligations which were unpaid when the foreclosure salecommenced and for the default in payment of which foreclosure is had, are produced to the recorder; or

(2) If such notes are lost then the owner of the principal notes or obligations makes an affidavit that such notesare lost and produces such affidavit for the recorder. Upon such trustee's or mortgagee's deed being filed forrecord, the recorder shall make a notation on the principal note or notes or other principal obligations showingthat such deed in foreclosure has been filed of record, in substantially the following form:

"Deed under foreclosure filed ................, 20....

..................................... ....... Recorder" Except, whenever any trustee's deed or mortgagee's deed under power ofsale in foreclosure of any security instrument recorded prior to January 1, 1986, providing for the issuance ofmore than one principal note or bond shall be presented for recording, it shall be accepted by the recorder ofdeeds for record upon the presentation to the recorder of the unpaid principal note or notes or bonds required bysuch security instrument to permit the trustee to sell the property under foreclosure sale. A foreclosure sale shallbe deemed to have commenced within the meaning of this law upon the first publication of the notice of sale.

(RSMo 1939 3484, A.L. 1945 p. 681, A.L. 1985 H.B. 210, A.L. 1994 H.B. 1312)




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Redemption before sale.

443.400. If such property is redeemed by payment to the officer before the sale, such officer shall make acertificate of such redemption, and acknowledge the same before some officer authorized to takeacknowledgments of deeds for lands; and such certificate shall be recorded in the office in which the securityinstrument is recorded, and shall have the same effect as if a deed of release has been filed for record.

(RSMo 1939 3475, A.L. 1994 H.B. 1312)

Prior revisions: 1929 3088; 1919 2247; 1909 2852

Foreclosures by trustee's sale--how made--redemption.

443.410. Deeds of trust in the nature of mortgages of lands may, in addition to being forecloseable by suit, be alsoforeclosed by trustee's sale at the option of the holder of the debt or obligation thereby secured and the mortgagedproperty sold by the trustee or his successor in the same manner and in all respects as in case of mortgages withpower of sale; and all real estate which may be sold under any such power of sale in a mortgage deed of trusthereafter made and which at such sale shall be brought in by the holder of such debt or obligation or by any other

person for such holder shall be subject to redemption by the grantor in such mortgage deed of trust or his heirs,devisees, executors, administrators, grantees or assigns at any time within one year from the date of the sale;provided, however, that such person so entitled to redeem shall give written notice at the sale or within ten daysbefore the date advertised for the sale to the person making or who is to make the sale of the purpose to redeem ifthe sale and purchase are so made; and provided further, the said grantor, his representatives, grantees or assignsto make the redemption shall within the year pay the debt and interest or other obligation secured by such deed oftrust and to accrue thereon together with all sums paid out by any holder thereof or purchaser at such sale orholder of the rights of such purchaser for interest and principal and either of any prior encumbrances, and fortaxes and assessments and all legal charges and costs of the sale.

(RSMo 1939 3450, A.L. 1993 H.B. 105 & 480)

Prior revisions: 1929 3063; 1919 2222; 1909 2829

Mortgage may be insured for certain buyers, amount, requirements.

443.415. Mortgage insurers may insure a mortgage in an amount not exceeding one hundred three percent of thefair market value of the authorized real estate security at the time that the loan is made if secured by a first lien orcharge on such real estate security.

(L. 1994 H.B. 1449 1 merged with S.B. 718 35, A.L. 1998 H.B. 1794 merged with S.B. 719, A.L. 2000 H.B. 1802 merged with S.B. 896, A.L. 2002 H.B.1375 merged with S.B. 729)

Notice of redemption--how given, rights.

443.420. No party shall have the right of redeeming from any such sale as set forth in section 443.410 unless heshall have given the written notice specified in said section and shall within twenty days after such sale givesecurity to the satisfaction of the circuit court of the county in which the land is located for the payment of theinterest on the debt or obligation secured by the mortgage deed of trust under which the sale is made to accruewithin such year after the sale is made, and for the payment in full of the legal charges and costs of the sale, andfor the payment of all interest accrued prior to the sale or thereafter which the purchaser at the sale or hisrepresentatives or assigns may pay on any prior encumbrance on the land, as well as the interest which mayaccrue thereon during such year allowed for redemption whether so paid or not and all taxes and assessments and




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interest and costs thereon whether general or special accrued or accruing during such year allowed for redemptionand whether paid by the purchaser at the sale or not together with interest at rate of six percent per annum on allsums so paid by the purchaser or those claiming under him and for damages for all waste committed or sufferedby the party giving such security or those claiming under him during such year unless said property is soredeemed, and it shall be necessary to pay for such redemption all such sums to which the purchaser or thoseclaiming under him should be entitled with interest as aforesaid. Said security shall be by bond executed by theperson or persons so entitled to redeem with at least one good surety in a sum amply sufficient to cover theaggregate of all said sums exclusive of the principal debt or obligation, but including damages and interest, to beso absolutely paid in event redemption is not made and the aggregate of all such shall be the measure of damagesto be paid in satisfaction of said bond if such redemption is not made.

(RSMo 1939 3451)

Prior revisions: 1929 3064; 1919 2223; 1909 2830

Motion for approval of bond for redemption--hearing--receiver--additional bond.

443.430. A motion or application for the approval shall be filed with the bond in the office of the clerk of the

circuit court and at least one day's notice in writing thereof and of the time when the same will be filed andpresented shall be given to the purchaser at such sale if he is a resident of the county and can be found therein,otherwise it shall be given to the trustee making the sale. If court should not be in session when such bond andapplication are so filed the clerk may temporarily approve the same subject to future action of the court thereonbut unless so temporarily approved or presented to the court for consideration within such twenty days the sameshall be taken and deemed as finally rejected and disapproved. The court may continue or adjourn the hearing orconsideration of such bond when so within such twenty-day period temporarily approved by the clerk orpresented to the court but the proceedings thereon shall be speedily and summarily acted upon and settledincluding the right or not of the obligor or obligors in the bond to give bond and to make such redemption. Thecourt at discretion may at such hearing or consideration of such bond or at any time during the redemption periodof one year appoint a receiver to take charge and possession of and preserve the property so sold and to have therents and profits thereof subject to the orders of the court, and the net result therefrom shall belong to the ownerof the equity of redemption if redemption be made, otherwise to the purchaser at such sale. And the court may

require additional bond to be given as security at any time during such redemption period on application of thepurchaser with at least five days' notice of such application to the principal on the original bond or his attorney, oragent, or representative.

(RSMo 1939 3451, A.L. 1978 H.B. 1634)

Prior revisions: 1929 3064; 1919 2223

Effective 1-2-79

Certificate of sale--upon failure to redeem, deed to be executed.

443.440. If the bond is given and approved the trustee at the purchaser's request shall execute, acknowledge anddeliver to him a certificate of sale or purchase giving a reference to the deed of trust, fact of sale and purchase.And if redemption is not made within the year as so provided he shall thereupon execute to the purchaser or hisheirs or devisees good and sufficient deed of conveyance upon the presentation of such certificate or showing ofreason for its nonproduction to the satisfaction of the trustee. The rights, interests and estates of any of the partiesmay be conveyed by deed as interests in land are conveyed and trustee's deed may be made to the originalpurchaser and shall inure to his grantees. If the certificate of sale or any conveyance of the purchaser's interest isrecorded the purchaser and his grantee shall give a sufficient recordable acknowledgment of redemption if thesame be made. Any prematurely executed trustee's deed shall operate as a certificate of sale by the trustee, and ifthe trustee dies, becomes incapable or cannot be found the court may summarily and on ex parte application of




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the purchaser appoint a successor or commissioner to execute a good and sufficient conveyance in completion ofthe trustee's sale if redemption be not made within the year provided. Both the certificate of sale and purchase anddeed and the recitals therein shall each be prima facie evidence of the recitals therein.

(RSMo 1939 3451)

Prior revisions: 1929 3064; 1919 2223

Mortgage or deed of trust securing payment of bonds issued by interstate gas pipelinecompany or public utility, filing in office of secretary of state--notice--lien--refiling, effect--satisfaction, release, or cancellation, duties of secretary of state--fee--not to affect instrumentsfiled prior to effective date of section.

443.451. 1. Notwithstanding other provisions of law to the contrary, every mortgage or deed of trust or anysupplement or amendment thereto, or satisfaction thereof, covering any real or personal property situated in thisstate, made to secure the payment of bonds issued, or to be issued thereafter, by any corporation which is aninterstate gas pipeline company, or by a public utility as defined in section 386.020, shall be executed and dulyacknowledged and certified, as other instruments affecting real estate, and may be filed in the office of the

secretary of state, who shall certify that the instrument has been filed in his or her office by endorsing upon theinstrument the word "filed" and the date and hour of filing. This endorsement is the filing date of the instrumentand is conclusive of the date and time of the filing in the absence of actual fraud. In lieu of filing an original ofsuch instrument, a true copy thereof may be filed with an affidavit by the mortgagor or the mortgagee, or an agentof either, that it is a true copy. The secretary of state shall thereupon file and index the endorsed instrument.

2. The filing of such instrument in the office of the secretary of state shall be notice to all persons of the contentsthereof and to all subsequent purchasers and encumbrancers, and no other filing or recording of any suchinstrument shall be necessary.

3. Such mortgage or deed of trust, and any supplement to or amendment thereof, filed in the office of thesecretary of state in accordance with the provisions of this section, shall be a lien on the mortgaged property from

the time it is filed.

4. Such mortgage or deed of trust, or any supplement to or amendment thereof, heretofore recorded or filed in theoffice of the recorder of deeds of any county in this state may be refiled in the office of the secretary of state inthe manner provided in this section, and such refiling shall thereafter as to any property not previously releasedfrom such mortgage or deed of trust and any supplement to or amendment thereof be of the same effect as if theinstrument had been originally filed in the office of the secretary of state.

5. When such mortgage is satisfied, released or canceled, in whole or in part, and evidence thereof shall be filedin the office of the secretary of state, the secretary of state shall enter the date of such satisfaction, release orcancellation thereof in an appropriate record in his or her office. The secretary of state shall furnish to the personfiling such mortgage, supplement or amendment thereto or any evidence of satisfaction, release or cancellation ofsuch mortgage a certificate of the filing.

6. The secretary of state shall charge and collect a fee for each filing or certificate of filing in accordance with theuniform filing fees as provided in section 400.9-403.

7. Instruments recorded or filed prior to August 28, 1993, shall not be affected by this section.

(L. 1993 S.B. 198 1)




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Financial institutions to pay property tax, how.

443.453. Financial institutions, as defined in section 381.410, which are mortgage servicers, shall pay propertytax obligations which they service from escrow accounts, as defined in Title 24, Part 3500, Section 17, Code ofFederal Regulations, in one annual payment before the first day of January of the year following the year forwhich the tax is levied. Escrow accounts established between such financial institutions and borrowers arecontractually binding and may disallow the payment of property taxes more than once a year as such payments

are authorized in section 139.053.

(L. 1999 S.B. 386 408.620)

Citation of law.

443.701. Sections 443.701 to 443.893 shall be known and may be cited as the "Missouri Secure and FairEnforcement for Mortgage Licensing Act".

(L. 2009 H.B. 382, A.L. 2010 H.B. 2201)

Effective 7-07-10

Definitions.

443.703. 1. For the purposes of sections 443.701 to 443.893, the following terms mean:

(1) "Advertisement", the attempt by publication, dissemination, or circulation to induce, directly or indirectly, anyperson to apply for a loan to be secured by residential real estate;

(2) "Affiliate":

(a) Any person who directly controls or is controlled by a residential mortgage loan broker and any othercompany that is directly affecting activities regulated by sections 443.701 to 443.893 that is controlled by thecompany that controls the residential mortgage loan broker;

(b) Any person:

a. Who is controlled, directly or indirectly, by a trust or otherwise by or for the benefit of shareholders whobeneficially, or otherwise, controls, directly or indirectly, by trust or otherwise, the residential mortgage loanbroker or any company that controls the residential mortgage loan broker; or

b. A majority of the directors or trustees of which constitute a majority of the persons holding any such officewith the residential mortgage loan broker or any company that controls the residential mortgage loan broker; or

(c) Any company, including a real estate investment trust, that is sponsored and advised on a contractual basis bythe residential mortgage loan broker or any subsidiary or affiliate of the residential mortgage loan broker;

(3) "Board", the residential mortgage board created in section 443.816;

(4) "Borrower", the person or persons who use the services of a licensee to obtain a residential mortgage loan;

(5) "Depository institution", the same meaning as such term is defined in Section 3 of the Federal DepositInsurance Act, and includes any credit union;




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(6) "Director", the director of the division of finance;

(7) "Division", the division of finance within the department of insurance, financial institutions and professionalregistration;

(8) "Dwelling", the same meaning as such term is defined in the federal Truth In Lending Act;

(9) "Escrow agent", a third party or person charged with the fiduciary obligation for holding escrow funds on aresidential mortgage loan pending final payout of such funds in accordance with the terms of the residentialmortgage loan;

(10) "Exempt person", the following persons:

(a) Any person that is a depository institution or first-tier subsidiary or service corporation thereof;

(b) Any person engaged solely in commercial mortgage lending or any person making or acquiring commercialconstruction loans with the person's own funds for the person's own investment;

(c) Any person engaged solely in the business of securing existing loans on the secondary market provided suchperson does not make decisions about the extension of credit to the borrower;

(d) Any wholesale mortgage lender who purchases existing mortgage loans provided such wholesale lender doesnot make decisions about the extension of credit to the borrower;

(11) "Federal banking agencies", the Board of Governors of the Federal Reserve System, the Comptroller of theCurrency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and theFederal Deposit Insurance Corporation;

(12) "Full-service

missouri - revised statutes, chapter 443, mortgages, deeds of trust and mortgage brokers

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