§ 3-105.2. Release of mortgage, deed of trust, or lien instruments
West's Annotated Code of MarylandReal PropertyEffective: January 1, 2019
Effective: January 1, 2019
MD Code, Real Property, § 3-105.2
§ 3-105.2. Release of mortgage, deed of trust, or lien instruments
(a) In this section, “lien instrument” means:
(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:
(d) Before the settlement agent, title insurer, or lawyer may record a statutory release affidavit under this section, that person shall:
(e) A statutory release affidavit recorded under this section shall:
“Statutory Release Affidavit
I hereby declare or affirm, under the penalties of perjury, that:
(2) I obtained a written payoff statement from the person to whom the debt was owed or the person's agent, the funds paid to the person or the person's agent were sufficient to pay off the debt in full, and, as authorized by the obligor on the account, I instructed the person or the person's agent to close the account.
___ A settlement agent who holds a title insurance producer license in good standing from the Maryland Insurance Administration;
___ An officer of a title insurer; or
___ A member of the Maryland Bar.
___ The original check, written on an escrow account controlled by the undersigned individual, which is attached to this affidavit and incorporated by reference;
___ A check, written on an escrow account controlled by the undersigned individual, a check facsimile of which is attached to this affidavit and incorporated by reference, and which has been certified as a true copy of the original check by the issuing bank; or
___ A wire transfer, the wire transfer remittance advice for which contains the information required under § 3-105.2(e)(2)(iii)2 of the Real Property Article and is attached to this affidavit and incorporated by reference.
(signature)
(printed or typed name)
(date)”
; and
(2) Be accompanied by:
(ii) If the canceled check is unavailable, a check facsimile, as defined in § 5-513 of the Financial Institutions Article, that contains the information required under item (i) of this item, accompanied by a certification from an authorized agent of the institution on which the check was drawn stating the check facsimile is a true and genuine image of the original check; or
2. Contain the name of the person for whom the payoff was made, the name of the institution that was paid the money, a truncated version of the number of the account from which the funds were transferred, a truncated version of the number of the account to which the funds were transferred, the Federal Reserve Bank's reference numbers for the wire transfer, the loan number for the note that was paid off, the amount of the payoff made by the wire transfer, and the date and time of the wire transfer.
Credits
Added by Acts 2007, c. 20, § 1, eff. July 1, 2007; Acts 2007, c. 21, § 1, eff. July 1, 2007.
MD Code, Real Property, § 3-105.2, MD REAL PROP § 3-105.2
Current through legislation effective through April 25, 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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