Certificate of release; contents
Sec. 10. A certificate of release executed under this chapter must
contain substantially all of the following:
(1) The name of the mortgagor, the name of the original
mortgagee and, if applicable, the name of the mortgage servicer,
the date of the mortgage, the date of recording of the mortgage,
and the volume and page or instrument number for the mortgage
in the real property records where the mortgage is recorded,
together with similar information for the last recorded
assignment of the mortgage.
(2) A statement that the mortgage was in the original principal
amount of not more than one million dollars ($1,000,000).
(3) A statement that the person executing the certificate of
release is an officer or a duly appointed agent of a title
insurance company authorized and licensed to transact the
business of insuring titles to interests in real property in Indiana
under IC 27.
(4) A statement that the certificate of release is made on behalf
of the mortgagor or a person who acquired a lien from the
mortgagor against all or part of the property described in the
mortgage.
(5) A statement that the mortgagee or mortgage servicer
provided a payoff statement that was used to make payment in
full of the unpaid balance of the loan secured by the mortgage.
(6) A statement that payment in full of the unpaid balance of the
loan secured by the mortgage was made in accordance with the
written or verbal payoff statement and received by the
mortgagee or mortgage servicer, as evidenced in the records of
the title insurance company or its agents by:
(A) a bank check;
(B) a certified check;
(C) an escrow account check from the title company or title
insurance agent;
(D) an attorney trust account check that has been negotiated
by the mortgagee or mortgage servicer; or
(E) any other documentary evidence of payment to the
mortgagee or mortgage servicer.
(7) A statement indicating that more than sixty (60) days have
elapsed since the date payment in full was sent.
(8) A statement that after the expiration of the sixty (60) day
period referred to in section 9 of this chapter, the title insurance
company, its officers, or its agent sent to the last known address
of the mortgagee or mortgage servicer, at least thirty (30) days
before executing the certificate of release, notice in writing of
its intention to execute and record a certificate of release as
required under this section, with an unexecuted copy of the
proposed certificate of release attached to the written notice.
(9) A statement that neither the title insurance company nor its
officers or agent have received notification in writing of any
reason why the certificate of release should not be executed and
recorded after the expiration of the thirty (30) day notice period
referred to in section 9 of this chapter.
As added by P.L.2-2002, SEC.14.
Last modified: May 24, 2006