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Reconveyance
(redirected from reconvey)

    Also found in: Dictionary/thesaurus, Financial 0.01 sec.

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 a previously imposed access control is no longer necessary because of changes in traffic management, a road authority may be willing to reconvey access rights previously purchased.
Value implications of current trends in road access management by Hoell, Sue L. / Appraisal Journal
An alternative approach to establishing affirmative asset partitioning without organizational law might be to transfer ownership of those assets to the manager(s) of the business, subject to a contractual commitment by the manager, acting as agent for the owners, to manage the assets for the exclusive benefit of the owners and to reconvey the assets to the owners under appropriate circumstances.
The Essential Role of Organizational Law by Hansmann, Henry; Kraakman, Reinier / Yale Law Journal
When HUD wanted to reconvey the property, the servicer claimed it was being maintained.
The claims game by Cook, David K. / Mortgage Banking
 
 
 
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