2430

LAWS OF MARYLAND

Ch. 408

(2)  The right to release of a mortgage or deed of
trust shall be enforced by a bill in equity if the presumption of
payment is not rebutted. All parties to the instrument including
the mortgagee, trustee in a deed of trust, or any party named in
the instrument, shall be made parties to the bill and served or
summoned with notice as in other equity cases. If the court finds
the petitioner has a right to release, the clerk shall record the
release under the procedure set forth in § 3-105 (b) and (c) of
this article relating to the clerk's duty to record releases.

(3)  Recordation by the clerk operates as a release of
the mortgage or deed of trust.

(d) Any person who has a lien on real property in this
State, on written request, shall furnish to the person
responsible for the disbursement of funds in connection with the
grant of title to that property the original copy of the executed
release of that lien. If the lien instrument is a deed of trust
the original promissory note marked "paid" or "cancelled" in
accordance with Section 3-105(d) of this article constitutes an
executed release. This release shall be mailed or otherwise
delivered to the person responsible for the disbursement of
funds:

(1)  Within seven days of the receipt, by the holder
of the lien, of currency, a certified or cashier's check, or
money order in satisfaction of the debt, including all amounts
due under the lien instruments and under instruments secured by
the lien; or

(2)  Within seven days after the clearance of normal
commercial channels of any type of commercial paper, other than
those specified in paragraph (1), received by the holder of the
lien in satisfaction of the outstanding debt, including all
amounts due under the lien instruments and under the instruments
secured by the lien.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 15, 1984.

CHAPTER 409
(House Bill 446)
AN ACT concerning

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