§ 55-66.11. Secured creditor to submit satisfaction for recording; liability for failure.
A. A secured creditor shall submit for recording a satisfaction of a security instrument within 90 days after the creditor receives full payment or performance of the secured obligation in accordance with subsection A of § 55-66.3. If a security instrument secures a line of credit or future advances, the secured obligation is fully performed only if, in addition to full payment, the secured creditor has received a notification requesting the creditor to terminate the line of credit or containing a statement sufficient to terminate the effectiveness of the provision for future advances in the security instrument.
B. A secured creditor who is required to submit a satisfaction of a security instrument for recording and fails to do so by the end of the period specified in subsection A is subject to liability under § 55-66.3.
(2006, c. 907.)
Sections: Previous 55-66.4:2 55-66.5 55-66.6 55-66.7 55-66.8 55-66.9 55-66.10 55-66.11 55-66.12 55-66.13 55-66.14 55-67 55-68 55-69 55-70 NextLast modified: April 16, 2009