[WSBAPT] Old deed of trust paid off - No reconveyance - RCW 61.24.110

[Mike Winslow]

If you cannot find the financial institution or they will not cooperate (jeewhiz, we have no record of that loan, so we cannot reconvey the Deed of Trust-yep that’s what the lender said to one of my colleagues recently), then you do what the below statute says. I have the pleadings and have done this three or four times over the years. It’s a quiet title suit under the ejectment statute. It takes time to clear title because you have to publish, usually. Title companies usually require this to clear title, although I have a vague recollection of one insuring around the cloud with an indemnity agreement from the seller.
RCW 7.28.300
Quieting title against outlawed mortgage or deed of trust.
The record owner of real estate may maintain an action to quiet title against the lien of a mortgage or deed of trust on the real estate where an action to foreclose such mortgage or deed of trust would be barred by the statute of limitations, and, upon proof sufficient to satisfy the court, may have judgment quieting title against such a lien.
 
Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com
 
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Neli Espe, J.D. - Olympic Legal
Sent: Tuesday, January 12, 2016 10:06 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Old deed of trust paid off - No reconveyance - RCW 61.24.110
 
Dear Listmates,
 
PC’s mortgage was paid off three decades ago. Apparently, no reconveyance was recorded. The financial institution might be out of business. PC now wants to sell property, but must deal with the cloud on title. 
 
Has anyone used successfully the 2013 law - RCW 61.24.110 - aimed at helping property owners in situations like these? Any pointers will be appreciated.
 
Best regards,
 
Neli
 
__________________________________________________________________________
Neli Espe| Olympic Legal Services, P.S. | Your Skagit Valley Business and Estate Counsel 
General Counsel * Real Property * Estate Planning * Probate
tel: 360.630.3635 | web: www.olympiclegal.com | neli at olympiclegal.com
 
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