(i) The party making satisfaction of the mortgage or deed of trust

has:

1. Allowed at least a 60-day waiting period, from the date
the mortgage or deed of trust is paid fully or is satisfied, for the party satisfied to
provide a release suitable for recording;

2. Sent the party satisfied a copy of this section and a notice
that, unless a release is provided within 30 days, the party making satisfaction will
obtain a release by utilizing the provisions of this paragraph; and

3. Following the mailing of the notice required under
sub-subparagraph 2. of this subparagraph, allowed an additional waiting period of at
least 30 days for the party satisfied to provide a release suitable for recording; and

(ii) The canceled check OR COPY ACCOMPANIED BY THE
CERTIFICATE contains the name of the party whose debt is being satisfied, the debt
account number, if any, and words indicating that the check is intended as payment in
full of the debt being satisfied; and

(iii) There is attached to the canceled check OR COPY ACCOMPANIED
BY THE CERTIFICATE an affidavit made by a member of the Maryland Bar that the
mortgage or deed of trust has been satisfied, that the notice required under
subparagraph (i) of this paragraph has been sent, and specifically setting forth the
land record reference where the original mortgage or deed of trust is recorded.

SECTION. 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1999.

Approved May 27, 1999.

CHAPTER 666
(House Bill 785)

AN ACT concerning

Commercial Law - Maryland Fair Distributorship Act - Repurchase Costs
and Notice and Arbitration Requirements

FOR the purpose of clarifying that the price for repurchase of inventory includes
certain costs related to the repurchase transaction; requiring certain arbitration
proceedings to be conducted in Maryland; requiring certain disputes relating to
the application of the Maryland Fair Distributorship Act be submitted to
arbitration requiring that arbitration proceedings be conducted in Maryland at
the request of either a distributor or a grantor under certain circumstances;
requiring a grantor to provide a distributor certain notice and certain
opportunity to cure or dispute under certain circumstances; making provisions of
this Act severable; making provisions of this Act severable; providing for the