Volume 799, Page 3467 View pdf image |
ROBERT L. EHRLICH, JR., Governor S.B. 678 does not apply to a mortgage or deed of trust given to secure or guaranty a commercial (2) This section applies to a mortgage or deed of trust given by an (c) Within a reasonable time after a loan secured by an existing mortgage or (1) (i) Indelibly mark with the word "paid" or "canceled" and return to (ii) Furnish the borrower with a written statement that identifies (2) Release any recorded mortgage or deed of trust securing the loan. (d) The release shall be: (1) In writing; and (2) Prepared at the expense of the holder. (e) (1) If the holder does not record the release or provide the release to a (i) The release in a recordable form; and (ii) A notice disclosing the location where the release should be (2) If the holder records the release, the holder shall furnish the (f) (1) A fee for the recording of a release may be collected by the holder (2) If a fee is collected for the recording of a release: (i) The release shall be recorded by the holder; and (ii) Any portion of the fee not paid to a governmental entity for - 3467 -
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Volume 799, Page 3467 View pdf image |
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