§ 35-10-96 — Affidavit of Satisfaction Requirements

Alabama § 35-10-96

• Jurisdiction: Alabama
• Title 35: Property
• Ch. 10: Mortgages
• Art. 5: Alabama Residential Mortgage Satisfaction Act

Text

An affidavit of satisfaction of a security instrument must do all of the following:
(1) Identify the original parties to the security instrument, the secured creditor, and the recording data for the security instrument.
(2) State the basis upon which the person signing the affidavit is a satisfaction agent including, without limitation, that the person signing the affidavit is authorized to sign on behalf of, and to bind, the insurance company acting as satisfaction agent.
(3) State that the person signing the affidavit has determined that the real property described in the security instrument is residential real property or was residential real property at the time the security instrument was made.
(4) State that the person signing the affidavit determined that the secured creditor has received full payment or performance of the secured obligation and, if the security instrument is an equity line security instrument, that the equity line has been closed.
(5) State that the person signing the affidavit, acting with the authority of the owner of the real property described in the security instrument, gave notification to the secured creditor of its intention to sign and submit for recording an affidavit of satisfaction.
(6) Describe the method by which the person signing the affidavit gave notification in compliance with this article.
(7) State either of the following:
a. That more than 30 days have elapsed since the receipt of notification by the secured party, no satisfaction has been recorded, and the satisfaction agent has not received a notification that the secured obligation remains unsatisfied or received information that the secured obligation has been assigned.
b. That the secured creditor authorized the person signing the affidavit to sign and record an affidavit of satisfaction.
(8) Be sworn or affirmed, signed, and acknowledged as required by law for a conveyance of an interest in real property.

Legislative History

(Act 2012-278, p. 554, §7.)