Missouri Laws 443.453 – Financial institutions to pay property tax, how
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Terms Used In Missouri Laws 443.453
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes real and personal property. See Missouri Laws 1.020
Financial institutions, as defined in section 381.410, which are mortgage servicers, shall pay property tax obligations which they service from escrow accounts, as defined in Title 24, Part 3500, Section 17, Code of Federal Regulations, in one annual payment before the first day of January of the year following the year for which the tax is levied. Escrow accounts established between such financial institutions and borrowers are contractually binding and may disallow the payment of property taxes more than once a year as such payments are authorized in section 139.053.