Wayne County Release and Satisfaction of Mortgage (Entity) Form

When a corporation, limited liability company, partnership, or other entity holds a mortgage on Ohio real estate and the loan is paid in full, the entity's own name goes on the release and one authorized officer, member, manager, or partner signs beneath it. This Ohio Release and Satisfaction of Mortgage prepares that certificate of satisfaction under Ohio Revised Code Section 5301.34 for a mortgagee that is an entity rather than an individual, with one signature block and one acknowledgment certificate shaped for a representative signer.

A certificate the recorder acts on

Section 5301.34 describes the instrument in one sentence: a mortgage is discharged upon its record when the county recorder is presented with a certificate, executed by the mortgagee or the mortgagee's assigns and acknowledged as Section 5301.01 provides, certifying that the mortgage has been fully paid and satisfied. The form carries that certification as operative text and follows it with the words that release, satisfy, and discharge the mortgage and its lien; Ohio prescribes no form of words for the release itself.

Signed in the name of the entity

The form recites in its first section that the mortgagee is an entity and not a natural person, acting through the authorized signer named in the second section. The entity's name, type, jurisdiction, and mailing address fill the first section; the signer's name and title fill the second. The signature block carries the entity's name on its own line, with the signer's signature, printed name, date, and title beneath it, because Section 5301.29(D) treats a corporate release executed by officers without the corporation's name as a defect of record that the statute cures only after twenty-one years. A lender releasing its own loan, a company that acquired the loan by recorded assignment, and a family limited liability company that financed a sale all present the single-entity pattern this form recites. The form is not set up as a release by an individual mortgagee, by co-mortgagees signing separately, by a trustee, or by an attorney-in-fact.

One certificate, three statutory short forms

Section 147.55 prints separate short forms of acknowledgment for a corporation, a limited liability company, and a partnership, and each opens with the same sentence: the foregoing instrument was acknowledged before me this date by. The acknowledgment on this form prints that common sentence and leaves the words after it to the notary, who enters the signer's name and title, the entity's name and type, and the words on behalf of the corporation, the limited liability company, or the partnership. The completed example shows the limited liability company version.

Ninety days, then damages

Section 5301.36(B) gives the mortgagee ninety days from the date of satisfaction to record a release in the appropriate county recorder's office, and defines mortgagee to include any successor or assignee of the original lender. A mortgagee that misses the deadline may owe two hundred fifty dollars in a civil action, and after the statutory written notice and fifteen more days, attorney fees plus one hundred dollars a day, capped at five thousand dollars. The form's fourth section identifies any recorded assignment through which the entity holds the mortgage.

Recording in the county where the mortgage is recorded

The certificate goes to the county recorder of the county where the property lies. Section 317.32 sets thirty-four dollars in statutory fees for the first two pages, eight dollars for each additional page, four dollars for the marginal reference to the released mortgage, and a county surcharge of up to five dollars. The form is built to the Section 317.114 page format, with the three inch blank margin at the top of the first page for the recorder's endorsement, and its property section collects the parcel number and municipality that Section 5301.46 names for a release by separate instrument.

The package includes the fillable form, a completed example filled in for an Ohio limited liability company releasing a Franklin County mortgage it acquired by assignment, and the guide that walks through every numbered section and the recording process. This description and the guide describe the form and the governing statutes in general terms; they are not legal advice.