HARRY HUGHES, Governor

2429

However, if the recording of the release is delayed beyond the
30-day period for causes not attributable to the neglect,
omission, or malfeasance of the person responsible for the
disbursement of funds, a letter explaining the delay shall be
mailed or delivered to the vendor and purchaser within the 30-day
period, and the person shall mail or deliver to the vendor and
purchaser the required evidence of the recorded release at the
earliest opportunity. The person shall follow the procedure of
mailing or delivering a letter of explanation every 30 days until
the required evidence of a recorded release is mailed or
delivered to the purchaser and vendor.

(3)  If the person responsible for the disbursement of
funds does not comply with the provisions of paragraphs (1) and
(2), the vendor, purchaser, or a duly organized bar association
of the State may petition a court of equity to order an audit of
the accounts maintained by the person for funds received in
connection with closing transactions in the State. The petition
shall state concisely the facts showing noncompliance and shall
be verified. On receipt of the petition, the court shall issue an
order to the person to show cause within ten days why the audit
should not be conducted. If cause is not shown, the court may
order the audit to be conducted. The court may order other relief
as it deems appropriate under the circumstances of the case.

(4)  Prior to delivery of the deed granting title to
the property, the person responsible for the disbursement of
funds shall inform the vendor and purchaser in writing of the
provisions of this section.

(5)  Unless specifically requested to do so by either
the purchaser or the vendor, a person responsible for the
disbursement of funds in a closing transaction is not required to
provide the purchaser or vendor with the required evidence of a
recorded release if the person properly disburses all funds
entrusted to him in the course of the closing transaction within
five days from the date of the delivery of any deed granting
title to the property.

(6)  The vendor shall bear the cost of reproducing and
mailing a recorded release under this section unless the parties
otherwise agree.

(c) (1) If a mortgage or deed of trust remains unreleased
of record, the mortgagor or grantor is entitled to a presumption
that it has been paid if:

(i) [20] 12 years have elapsed since the last
payment date called for in the instrument or the maturity date as
set forth in the instrument; or

(ii) If the last payment date or maturity date
cannot be ascertained from the record, 40 years have elapsed
since the date of record of the instrument.