Attorney General Opinion No. 1986-137

Download or read book Attorney General Opinion No. 1986-137 written by Robert T. Stephan and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An instrument which purports to assign a debtor's right to receive payment under a contract for the sale of real estate represents a security interest in personality and must be filed accordingly in order to perfect the creditor's security interest. The instrument may also be recorded in the office of the register of deeds in the county in which the real estate is located, as the instrument is such that "real estate may be affected thereby." K.S.A. 58-2221. Further, since the instrument is not a mortgage of real estate as defined in K.S.A. 79-3101, no mortgage registration fee may be assessed for such recording. If, however, the instrument incorporates by reference an executory contract for the sale of the real estate which has never been recorded, and thus upon which no mortgage registration fee has been paid, then a mortgage registration fee must be collected based on the amount of the indebtedness involved in the executory contract. This is so because one cannot do indirectly (record an executory contract without paying mortgage registration fees) that which one could not do directly. Cited herein: K.S.A. 58-2221; 79-3101; K.S.A. 1985 Supp. 79-3102; K.S.A. 84-9-102; K.S.A. 1985 Supp. 84-9-401.