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2428 LAWS OF MARYLAND Ch. 408
CHAPTER 408
(House Bill 427)
AN ACT concerning
Mortgages and Deeds of Trust -
Presumption of Payment
FOR the purpose of altering the period of time that must elapse
before a certain presumption of payment may be made with
regard to a mortgage or deed of trust that remains
unreleased of record; and correcting a technical error.
BY repealing and reenacting, with amendments,
Article - Real Property
Section 7-106
Annotated Code of Maryland
(1981 Replacement Volume and 1983 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Real Property
7-106.
(a) No trustee of a deed of trust may charge, demand, or
receive any money or any other item of value exceeding $15 for
the partial or complete release of the deed of trust unless the
fee is specified in the instrument. Any person who violates this
section is guilty of a misdemeanor and on conviction is subject
to a fine not exceeding $100.
(b) (1) Subject to the provisions of [subsection] PARAGRAPH
(5) OF THIS SUBSECTION a person who has undertaken responsibility
for the disbursement of funds in connection with the grant of
title to property, shall mail or deliver to the vendor and
purchaser in the transaction, the original or a photographic,
photostatic, or similarly reproduced copy of the recorded release
of any mortgage or deed of trust which the person was obliged to
obtain and record with all or part of the funds to be disbursed.
If the original or copy of a recorded release is not readily
obtainable at the time of recording, the person may mail or
deliver to the purchaser or vendor the original or a copy of the
court's recordation receipt for the release, or any other
certified court document clearly evidencing the recordation of
the release.
(2) The required evidence of a recorded release shall
be mailed or delivered to the vendor and purchaser within 30 days
from the delivery of the deed granting title to the property.
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