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Ch. 20 2007 Laws of Maryland
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amendment, modification, or supplemental instrument to the mortgage or deed of
trust shall terminate or partially release any related [financial] financing
statements, but only to the extent that the financing statements describe fixtures that
are part of the collateral described in the full or partial release.
3-105.2.
(a) in this section, "lien instrument" means:
(1) A lien created under the maryland contract lien
act;
(2) AN instrument creating or authorizing the creation
of a lien in favor of a homeowners' association. a condominium
council of unit owners, a property owners association. or a
community association:
(3) A security agreement; or
(4) A vendor's lien.
(b) A mortgage. deed of trust, or lien instrument may be
released validly in accordance with this section.
(c) When the debt secured by a mortgage, deed of trust, or
lien instrument is pah) fully or satisfied by a settlement agent
licensed by the maryland insurance administration as a title
insurance producer under title 10. subtitle 1 of the insurance
Article, a title insurer, or a lawyer admitted to the Maryland Bar,
and the party satisfied fails to provide a release suitable for
recording. the settlement agent, title insurer. or lawyer may
prepare and record a statutory release affidavit that:
(1) may be received by the clerk and indexed and
recorded as any other instrument in the nature of a release or
certificate of satisfaction: and
(2) has the same effect as a release of the property for
which the mortgage, deed of trust, or lien instrument is the
security, as if a release were executed by the mortgagee, named
trustees. or secured party.
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