Conveyances include any instrument, written or oral, by which any right, privilege or interest in a thing is transferred from one person to another; and the conveyance is done in consideration of an agreed price, right of return, or other right of satisfaction. Such transfers are known as “conveyances of equity,” “conveyances of debt,” or “conveyances of trust.” Such transfers are commonly made in exchange for real estate, securities and similar property, but are also used in connection with personal and movable property.
Such transfers shall survive and be enforceable by the assignment, exchange and sale of the Contractor’s Conveyances and the pledging thereof by the Transferor to the Indemnity Trustee for the benefit of Indemnity holders in accordance with the provisions of the Indemnity Trust Agreement. The transferor has no right of redemption, unless the transferor’s right to redeem is expressly waived by the transferee. The transferor has the right to recover his expenses from the transferor’s Guarantor as if the Guarantor had personally guaranteed all or a part of the transferor’s obligations under the Indemnity Trust Agreement, except to the extent the Guarantor defaults in its obligation to make payments in accordance with the terms of the Indemnity Trust Agreement and there are insufficient funds in the Guarantor’s Guarantor Note and Guarantor Bond to provide the necessary funding.
In addition to being recorded and entered in a public journal, the document must also be recorded in the Office of the Secretary of State in the county in which the transferor has his principal place of business, unless it is an Instrument of Deed, which is recorded in the office of the Secretary of State in the county where the document was issued. The deed recording of such an instrument of Deed and Conveyance may be required by a lender with respect to a loan of real estate or for the purpose of recording an instrument with respect to certain kinds of securities.
Generally the document is recorded by the clerk of the court in which the instrument is recorded, or by one of his authorized agents, before the entry of the order for recording. The document becomes a public record after it has been registered in the Office of the Secretary of State in the county where the instrument is recorded, unless it is recorded in a different county and certified. If it is registered in a different county, then the instrument will not be recorded in the county in which it was actually issued. unless it is certified by the Secretary of State before it is recorded in that county.
If the instrument is conveyed for a definite period of time it is recorded in the county in which the parties have their day of birth, unless it is recorded in another county and certified, in which case the instrument will be recorded in the county in which the parties have their day of birth. If there are parties living in different states, the instruments are recorded in their respective states. The recorders of deeds, mortgages, mortgagees, and deeds of trust have the same jurisdiction and powers with respect to these instruments in all the states of the United States. In certain cases the recording officer of a county, in some instances the recorder of a municipality, may record the same, under the laws of another state.
The recording officer of a municipality has the same jurisdiction and powers with respect to any instrument to be recorded in that municipality that he has with respect to any instrument to be recorded in that municipality, except the limited exception of a lien on the Real Estate Transfer Tax in the County of Chicago. In the absence of an applicable provision to the contrary the recorder of a municipality, the recorder of the county in which the instrument is recorded has the same jurisdiction and powers with respect to any instrument to be recorded in that municipality, except that the foregoing exception will not prevent the recording of a deed in a municipality in that municipality or any other county in the case of the lien on the Real Estate Transfer Tax. In such a case the recorder of the county, in which the lien is registered, has the same powers with respect to the instrument to be recorded in that county as he would have if he were the recorder of a municipality.
Certain places may be excluded from the jurisdiction of a recorder in some jurisdictions. If a person makes application for the conveyance of a right of way by the right of way, a lien is recorded on the Real Estate Transfer Tax or the instrument is recorded under a statute, and if the land conveyed is situated outside the territorial limits of a recorder in a jurisdiction in which the jurisdiction of that recorder is recognized, such land shall be excluded from the jurisdiction of the recorder of that jurisdiction.
A conveyance can be recorded by an individual, a corporation, a limited liability company, a partnership, or a municipality. In many jurisdictions the parties to the conveyance may make an agreement that the same is to be recorded in their name in lieu of the recorder of a particular jurisdiction. Other jurisdictions, where the parties to the conveyance do not agree upon who shall record the instrument, that the recorders in that jurisdiction are bound to record the instrument.