Section 35-10-90 – Short Title; Application; Definitions.
Section 35-10-90 Short title; application; definitions. (a) This article shall be known as the Alabama Residential Mortgage Satisfaction Act. This article applies only to mortgages securing residential real property located in this state which is used primarily for personal, family, or household purposes and is improved by one to four dwelling units. Without limitation, this […]
Section 35-10-91 – Payoff Statement; Notice.
Section 35-10-91 Payoff statement; notice. (a) A person liable for payment or performance of the obligation secured by the real property described in a security instrument who makes proper notice pursuant to this section shall be entitled to receive a payoff statement. (b) Proper notice must contain all of the following: (1) The entitled person’s […]
Section 35-10-92 – Submission of a Satisfaction of a Security Instrument for Recording.
Section 35-10-92 Submission of a satisfaction of a security instrument for recording. (a) A secured creditor shall submit for recording a satisfaction of a security instrument within 30 days after the creditor receives full payment and performance of the secured obligation, and the secured creditor has no obligation to make advances, incur obligations, or otherwise […]
Section 35-10-93 – Service as a Satisfaction Agent.
Section 35-10-93 Service as a satisfaction agent. (a) Only a title insurance company or an attorney licensed in this state acting as the agent of and for a title insurance company pursuant to a certificate of authority and within the scope of his or her agency agreement with a title insurance company may serve as […]
Section 35-10-94 – Notification by Satisfaction Agent to Secured Creditor.
Section 35-10-94 Notification by satisfaction agent to secured creditor. (a) If a secured creditor has not submitted for recording a satisfaction of a security instrument within the time set forth in Section 35-10-92 after full and complete payment of all indebtedness secured by the security instrument, a satisfaction agent acting for and with authority from […]
Section 35-10-95 – Conditions for Satisfaction Agent to Sign and Submit Affidavit for Recording.
Section 35-10-95 Conditions for satisfaction agent to sign and submit affidavit for recording. (a) Subject to subsections (b) and (c), a satisfaction agent may sign and submit for recording an affidavit of satisfaction of a security instrument complying with this article if either of the following occurs: (1) There does not appear of record a […]
Section 35-10-6 – Additional Satisfaction Permitted Under Continuing Power of Sale.
Section 35-10-6 Additional satisfaction permitted under continuing power of sale. The sale of any part of the property conveyed by mortgage, either under power of sale contained in the mortgage, or by foreclosure, shall operate as a foreclosure of the mortgage only as to the property sold, and if the mortgage indebtedness is not thereby […]
Section 35-10-25 – Executors and Administrators Authorized to Execute Releases, Etc.
Section 35-10-25 Executors and administrators authorized to execute releases, etc. Any executor of a will or administrator of an estate duly appointed by the proper court shall have authority to execute releases and discharges and may enter satisfaction on the margin of the record of any mortgage, lien, or other encumbrance in favor of a […]
Section 35-10-7 – Sale to Be Held in County Where Property Situated.
Section 35-10-7 Sale to be held in county where property situated. All sales of real estate, under powers of sale contained in mortgages and deeds of trust shall be held in the county where all or part of said real estate is situated. (Acts 1923, No. 494, p. 658; Code 1923, §9016; Code 1940, T. […]
Section 35-10-26 – Title Revested Upon Payment of Debt.
Section 35-10-26 Title revested upon payment of debt. The payment or satisfaction of the real property mortgage debt divests the title passing by the mortgage. “Payment or satisfaction of the real property mortgage debt” shall not occur until there is no outstanding indebtedness or other obligation secured by the mortgage, and no commitment or agreement […]