Alabama § 35-10-95 Conditions for Satisfaction Agent to Sign and Submit Affidavit for Recording

Alabama Statutes

§ 35-10-95 — Conditions for Satisfaction Agent to Sign and Submit Affidavit for Recording

Alabama·Title 35 Property·Ch. 10 Mortgages·Art. 5 Alabama Residential Mortgage Satisfaction Act

(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 satisfaction of a security instrument within 30 days after the receipt by the secured creditor of the notification.

(2)The secured creditor authorizes the satisfaction agent to do so.

(b)A satisfaction agent may not sign and submit for recording an affidavit of satisfaction of a security instrument if it has received a notification stating that the secured obligation remains unsatisfied or information that the security instrument has been assigned.

(c)If a satisfaction agent receives information that the security instrument has been assigned

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(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 satisfaction of a security instrument within 30 days after the receipt by the secured creditor of the notification.
(2) The secured creditor authorizes the satisfaction agent to do so.
(b) A satisfaction agent may not sign and submit for recording an affidavit of satisfaction of a security instrument if it has received a notification stating that the secured obligation remains unsatisfied or information that the security instrument has been assigned.
(c) If a satisfaction agent receives information that the security instrument has been assigned, the satisfaction agent may not submit for recording an affidavit of satisfaction of the security instrument without giving a notification of intent to submit for recording an affidavit of satisfaction to the assignee.

Alabama § 35-10-95 (Conditions for Satisfaction Agent to Sign and Submit Affidavit for Recording) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.