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2007 Laws of Maryland
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Ch. 21
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3-105.
(a) a mortgage, security instrument, or deed of trust may be released
validly by any procedure enumerated in this section or § 3-105.2 of this
subtitle.
(i) Unless otherwise expressly provided in the release, a full or partial
release that is recorded for a mortgage or deed of trust, or for any re-recording,
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 paid 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:
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-758-
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