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 35-10-96 – Affidavit of Satisfaction Requirements.
Section 35-10-96 Affidavit of satisfaction requirements. An affidavit of satisfaction of a security instrument must do all of the following: (1) Identify the original parties to the security instrument, the secured creditor, and the recording data for the security instrument. (2) State the basis upon which the person signing the affidavit is a satisfaction agent […]
Section 35-10-97 – Effect of Recording Affidavit.
Section 35-10-97 Effect of recording affidavit. (a) Upon recording, an affidavit complying with the requirements of this article constitutes a termination of the security interest described in the affidavit. (b) The recording of an affidavit of satisfaction of a security instrument does not extinguish, offset, or otherwise affect any responsibility or liability of a person […]
Section 35-10-98 – Liability.
Section 35-10-98 Liability. (a) Except as otherwise provided in subsection (b), a satisfaction agent or any other person who executes an affidavit of satisfaction of a security instrument erroneously or as a result of negligence or non-compliance with this article is liable to the secured creditor for any actual economic damages caused by the recording […]
Section 35-10-9 – Sales Contrary to Article Null and Void.
Section 35-10-9 Sales contrary to article null and void. All sales of real estate, made under powers contained in mortgages or deeds of trust contrary to the provisions of this article, shall be null and void, notwithstanding any agreement or stipulation to the contrary. (Code 1923, §9018; Code 1940, T. 47, §172.)
Section 35-10-10 – Sections 35-10-7 Through 35-10-9 Not Applicable to Mortgages or Deeds of Trust Executed Before September 29, 1923.
Section 35-10-10 Sections 35-10-7 through 35-10-9 not applicable to mortgages or deeds of trust executed before September 29, 1923. The provisions of sections 35-10-7 through 35-10-9 shall not apply to mortgages or deeds of trust executed before September 29, 1923. (Code 1923, §9019; Code 1940, T. 47, §173.)
Section 35-10-11 – Definitions.
Section 35-10-11 Definitions. Unless the context otherwise requires, the words defined in this section shall have the following meanings when they appear in this article: (1) MORTGAGE. Any mortgage, deed of trust, or any other instrument intended to secure the payment of money, such as an instrument which includes a vendor’s lien. (2) MORTGAGEE. All […]
Section 35-10-12 – Execution of Foreclosure by Power of Sale; Effect; Indexing of Deeds.
Section 35-10-12 Execution of foreclosure by power of sale; effect; indexing of deeds. Where a power to sell lands is given in any mortgage, the power is part of the security and may be executed by any person, or the personal representative of any person who, by assignment or otherwise, becomes entitled to the money […]