Also known as: payoffs · loan payoff · debt settlement
Written by attorneys · grounded in primary & secondary sources — see below
The sum necessary to satisfy a secured obligation in full. A payoff statement is the document that sets forth that sum along with the date prepared, itemized fees, per diem interest, and other information needed to calculate the amount as of the requested payoff date.
Premier Manufacturing sells a warehouse to Prism Analytics. At closing the title agent prepares a closing statement that lists the payoff amount for an existing mortgage held by a bank. The statement itemizes the principal, accrued interest, and release fees so the buyer knows the exact sum required to clear the lien before the deed is delivered.
Iannelli runs a numbers racket and directs employees to collect bets and distribute payoffs to winners. The same conversations that establish the substantive gambling violation also prove the conspiracy because the payoffs are the central acts that keep the enterprise running.
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Officers executing a warrant seize documents from Andresen's office that include lien payoff correspondence and memoranda to and from lienholders. The documents detail the amounts needed to satisfy existing deeds of trust on the properties under investigation.
A payoff statement must state the date prepared and the payoff amount as of that date, broken down by type of fee or charge. It must also supply the information needed to calculate the amount on the requested payoff date, including the per diem interest rate.
An entitled person or an agent authorized by an entitled person may request a payoff statement. The secured creditor must send the statement to the authorized agent unless it knows the request is unauthorized.
The secured creditor must issue and send the payoff statement within ten days after receiving a compliant notification. If the original holder has assigned the obligation, it must instead notify the requester of the assignment and the assignee's contact information.
Yes. A request must be made for good cause. Idle curiosity or a desire to harass the mortgagee does not justify the request, though the mortgagor virtually always has good cause provided the requests are not unreasonably frequent.
…sale and/or assignments from Raffaele Antonelli and Rocco Caniglia to Mount Vernon Development Corporation and/or others; lien payoff correspondence and lien pay-off memoranda to and from lienholders and noteholders; correspondence and memoranda to and from trustees of deeds of trust; lenders instructions for a…