Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

October 9, 2008

Updates from Land Court, Part II

by @ 4:19 pm. Filed under Registry Ops

Besides the Homestead issues mentioned in yesterday’s post, Ed Williams discussed a number of other policy positions of the Land Court. UCC financing statements have been a controversial topic. Although the governing statute was amended a number of years ago to dispense with the requirement that the debtor must sign the form, Land Court continued to impose the signature requirement on financing statements bound for Registered Land. Now, if a financing statement is presented for registration along with other financing documents (i.e., a mortgage or an assignment of leases and rents), then the UCC need not be signed. If the UCC is presented by itself, it will be accepted for registration, but with a notation on the encumbrance sheet stating the lack of a signature. Registered Land does not accept confirmatory documents. Instead, for mortgages at least, a party may register an “amended mortgage.” But an amendment implies that both parties agree to it so such a mortgage would have to be signed by both parties, not just by the borrower. Now, the attorney for the creditor may sign an amended mortgage on behalf of the creditor. Another issue discussed was the use of certificates prepared in accordance with chapter 184, section 35 (what we call “Trust Terms” the summary document recorded in lieu of the full trust instrument). While these documents will be accepted for registration, in order for them to be used on more than one occasion, they must contain a statement of when the trust terminates (or a formula for determining that date) and they must contain the name of a successor trustee. Absent those two things, a new version would have to be registered with each transaction. Finally, the Land Court will soon be providing Land Registration Offices at the various registries of deeds with a memo regarding “off record” holders of mortgages in the context of foreclosure proceedings. Currently, the currently, the plaintiff on a complaint to foreclose a mortgage must be the holder of the mortgage at the time the complaint is filed. Because assignments are sometimes not filed or filed late, the name of the plaintiff and the name of the record holder of the mortgage often do not match. This memo will give Land Registration offices a clear checklist for how to determine whether an Order of Notice may be registered.

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