Raymond School District accepts quit-claim deed after discovery that 1961 transfer was not recorded

Superintendent Mike Leech told the board that while preparing loan paperwork the district discovered that a deed for the property purchased in 1961 was never recorded. The Village of Raymond executed a quit-claim deed transferring all right, title and interest in the property to the district, and the board adopted a resolution accepting that transfer.

The board read the resolution aloud and then moved to accept the deed. The resolution notes the district purchased the property "on or about February 13, 1961" for roughly $3,500 and that no recorded deed evidencing the transaction was found in the district records. The board voted to accept the quit-claim deed and then approved a separate motion authorizing Superintendent Mike Leech to pay title service and filing costs associated with recording the deed.

Leech said the deed discovery was prompted by the district's bank while preparing paperwork for a short-term borrowing arrangement. He explained the bank had requested clear title documentation because the district is pursuing a revolving line of credit of about $1.2 million and, given the district's low fund balance, the bank sought collateral to secure the line. "The collateral would be this property," Leech said, describing why the deed needed to be formalized.

Board members thanked the Village and local title services for aiding a prompt resolution. The motion to accept the quit-claim deed and the motion authorizing payment of the title costs both carried.

The board recorded the resolution and said the district will pursue the line-of-credit discussion in February after paying an outstanding obligation in January and receiving expected state tax-allocation funds.