§ 3-105.1. Release of mortgage or deed of trust used to secure commercial loans
West's Annotated Code of MarylandReal PropertyEffective: January 1, 2019
Effective: January 1, 2019
MD Code, Real Property, § 3-105.1
§ 3-105.1. Release of mortgage or deed of trust used to secure commercial loans
2. An attorney or other person responsible for preparing the HUD-1 settlement statement required under the federal Real Estate Settlement Procedures Act.1
(b)(1) Except as provided in paragraph (2) of this subsection, this section does not apply to a mortgage or deed of trust given to secure or guaranty a commercial loan as defined in § 12-101 of the Commercial Law Article.
(c) Within a reasonable time after a loan secured by an existing mortgage or deed of trust has been paid in full and there is no further commitment by the holder to make an advance or by the borrower to incur an obligation secured by that mortgage or deed of trust, the holder shall:
(d) The release shall be:
(e)(1) If the holder does not record the release or provide the release to a responsible person for recording within 45 days after a loan secured by an existing mortgage or deed of trust has been paid in full and there has been no further commitment by the holder to make an advance or by the borrower to incur an obligation secured by the mortgage or deed of trust, the holder shall furnish the borrower with:
(f)(1) A fee for the recording of a release may be collected by the holder from the borrower subject to this subsection.
(g)(1) This subsection does not apply to:
(2) Except as provided in paragraph (1) of this subsection, if the borrower is the prevailing party in an action to require the delivery of the release, the holder is liable for the delivery of a release and for all costs and expenses in connection with the bringing of the action, including reasonable attorney's fees.
Credits
Added by Acts 2001, c. 492, § 1, eff. Oct. 1, 2001. Amended by Acts 2003, c. 348, § 1, eff. Oct. 1, 2003; Acts 2012, c. 66, § 6, eff. April 10, 2012.
Footnotes
Pub.L. 93-533, Dec. 22, 1974, 88 Stat. 1724, codified at 12 U.S.C.A. § 2601 et seq.
MD Code, Real Property, § 3-105.1, MD REAL PROP § 3-105.1
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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