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Reconveyance |
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The transfer of real property that takes place when a mortgage is fully paid off and the land is returned to the owner free from the former debt. reconveyance n. in those states which use deeds of trust as a mortgage on real property to secure payment of a loan or other debt, the transfer of title by the trustee (which has been holding title to the real property) back to the borrower (on the written request of the borrower) when the secured debt is fully paid. Under the deed of trust the borrower transfers title in the real property to the trustee (often a title or escrow company) which holds it for the benefit of the lender (called "beneficiary"). The lender must surrender the promissory note to the trustee who cancels it and then reconveys title and records the reconveyance. (See: deed of trust) |
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When it does, the easy answer is to first withdraw the property from the trust and then reconvey it to the intended donees. With the exception of inventories, the Company will reconvey to Futura all assets previously acquired from Futura, consisting primarily of intellectual property rights. Finally, the court noted that the refusal of two of the 29 recipients to reconvey the stock back to the corporation was not determinative. |
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