2005 Idaho Code - 45-1203 — PROCEDURE FOR RECONVEYANCE

                                  TITLE  45
                         LIENS, MORTGAGES AND PLEDGES
                                  CHAPTER 12
                                 RECONVEYANCE
    45-1203.  PROCEDURE FOR RECONVEYANCE. A title insurer or title agent may
execute and record a reconveyance of a trust deed upon compliance with the
following procedure:
    (1)  Not less than thirty (30) days after payment in full of the
obligation secured by the trust deed and receipt of satisfactory evidence of
payment in full has been effected, the title insurer or title agent may
either: (a) mail a notice by certified mail with postage prepaid, return
receipt requested, to the beneficiary or a servicer at its address set forth
in the trust deed, and at any address for the beneficiary or servicer
specified in the last recorded assignment of the trust deed, if any, and at
any address for a beneficiary or servicer shown in any request for notice duly
recorded pursuant to section 45-1511, Idaho Code; or (b) hand deliver a notice
to the beneficiary or servicer. The notice shall be in substantially the
following form and shall be accompanied by a copy of the reconveyance to be
recorded:
                            NOTICE OF INTENT
                         TO RELEASE OR RECONVEY

    TO:       [Beneficiary] or [Servicer for Beneficiary]
    FROM:     [Title insurer or Title agent]
    DATE:     ....................
    Notice is hereby given to you as follows:
    1.   This notice concerns the trust deed described as follows:
         Trustor:  ..................................
         Beneficiary:  ..............................
         Recording information:
              Entry No.:                   ..............................
              Book No.:                    ..............................
              Page No.:                    ..............................
    2.  The undersigned claims to have fully paid or received
    satisfactory evidence of the payment in full of the obligation
    secured by the trust deed described above.
    3.  Unless, within sixty (60) days following the date stated above,
    the undersigned has received by certified mail, return receipt
    requested, directed to the address noted below a notice stating that
    you have not received payment in full of all obligations secured by
    the trust deed or that you otherwise object to reconveyance of the
    trust deed, the undersigned will fully release and reconvey the trust
    deed pursuant to chapter 12, title 45, Idaho Code.
    4.  A copy of the reconveyance or release of the trust deed is
    enclosed with this notice.
                       [Title insurer/Title agent]
                                [Address]

    (2)  Sixty (60) days shall elapse following the mailing, in the case of
certified mail, or delivery, in the case of hand delivery, of the notice
prescribed in subsection (1) of this section.
    (3)  If the title insurer or title agent has not upon expiration of that
sixty (60) day period received any objection under section 45-1204, Idaho
Code, the title insurer or title agent may then execute, acknowledge, and
record a reconveyance of the trust deed in substantially the following form:
                       RECONVEYANCE OF TRUST DEED
              [To be used concerning trust deeds as defined
                     in section 45-1502, Idaho Code]

         ...................., a [Title insurer/Title agent] authorized
    to act in the State of Idaho does hereby, pursuant to chapter 27,
    title 41, Idaho Code, reconvey, without warranty, to the person or
    persons legally entitled thereto, the following trust property
    covered by a Trust Deed naming ...................., as trustor, and
    ...................., as beneficiary, which was recorded on
    .................... in Book ............... at Page .......... as
    Entry No. .......... :
         The following described property located in ....................
    County, State of Idaho:
    [Property Description]
    The undersigned title insurer/title agent hereby certifies as
    follows:
    1.  The undersigned title insurer/title agent has fully paid or
    received satisfactory evidence of the payment in full of the
    obligation secured by said Trust Deed.
    2.  Not less than thirty (30) days following the payment in full of
    said Trust Deed, the undersigned hand delivered or mailed by
    certified mail, return receipt requested, to the record beneficiary
    or a servicer for the record beneficiary under said Trust Deed at its
    record address a notice as required in section 45-1203(1), Idaho
    Code.
    3.  In excess of sixty (60) days elapsed after the mailing of said
    notice and no objection to said reconveyance has been received by the
    undersigned.
         Dated ...............
                                            .............................
                                            [Title insurer/Title agent]
    [acknowledgment]

    (4)  A reconveyance of a trust deed, when executed and acknowledged in
substantially the form prescribed in subsection (3) of this section shall be
entitled to recordation and, when recorded, shall constitute a reconveyance of
the trust deed identified therein, irrespective of any deficiency in the
reconveyance procedure not disclosed in the release or reconveyance that is
recorded other than forgery of the title insurer or title agent's signature.
The reconveyance of a trust deed pursuant to this chapter shall not itself
discharge any personal obligation that was secured by the trust deed at the
time of its reconveyance.