HARRY HUGHES, Governor

3363

(a)  A mortgage or deed of trust may be released
validly by any procedure enumerated in this section.

(b)  A release may be endorsed on the original mortgage
or deed of trust by the mortgagee or his assignee, or the
trustee or his successor under a deed of trust. The mortgage
or the deed of trust, with the endorsed release, then shall
be filed in the office in which the mortgage or deed of
trust is recorded. The clerk shall record the release
photographically, with an attachment or rider affixed to it
containing the names of the parties as they appear on the
original mortgage or deed of trust, together with a
reference to the book and page number where the mortgage or
deed of trust is recorded. When the mortgage or deed of
trust, with the attached release, is filed for the purpose
of recording the release, the clerk shall retain the
mortgage or deed of trust in his office and not permit it to
be withdrawn for 25 years, after which time he may destroy
it. If, however, the clerk preserves a photographic copy of
the release, he may permit the original mortgage or deed of
trust with the release to be withdrawn.

(c)  At the option of the clerk of the court in whose
office the book form of recording is used, the release may
be written by the mortgagee, or his assignee, or the
trustee, or his successor under a deed of trust, on the
record in the office where the mortgage or deed of trust is
recorded and attested by the clerk of the court. At the time
of recording any mortgage or deed of trust, the clerk of the
court in whose office the book form of recording is used
shall leave a blank space at the foot of the mortgage or
deed of trust for the purpose of entering such release.

(d)  When the debt secured by a deed of trust OR
MORTGAGE is paid fully or satisfied, and any bond, note, or
other evidence of the total indebtedness is marked "paid" or
"cancelled" by the holder or his agent, it may be received
by the clerk and indexed and recorded as any other
instrument in the nature of a release. The marked note has
the same effect as a release of the property for which it is
the security, as if a release were executed by the named
trustees, if there is attached to or endorsed on the note an
affidavit of the holder, the party making satisfaction, or
an agent of either of them, that it has been paid or
satisfied, and specifically setting forth the land record
reference where the original deed of trust OR MORTGAGE is
recorded.

(E) WHEN THE DEBT SECURED BY A MORTGAGE IS PAID FULLY
OR SATISFIED, AND WHEN THE MORTGAGE PROVIDES FOR THE
EXECUTION OF A SEPARATE MORTGAGE NOTE, BOND OR OTHER
INSTRUMENT AS PART OF THE EVIDENCE OF THE INDEBTEDNESS, AND"
WHEN SUCH NOTE, BOND OR OTHER EVIDENCE OF THE TOTAL
INDEBTEDNESS IS MARKED "PAID" OR "CANCELLED" BY THE HOLDER
OR HIS AGENT, IT MAY BE RECEIVED BY THE CLERK AND INDEXED