Bill Summary for H 203 (2011-2012)

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Bill: MORTGAGE SATISFACTION FORMS/NO FALSE LIENS (NEW).

Summary date: 

Jul 2 2012
S.L. 2012-150

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 203 (Public) Filed Tuesday, March 1, 2011
TO PROVIDE AN ALTERNATIVE MORTGAGE SATISFACTION FORM THAT ALLOWS A SECURED CREDITOR TO INDICATE THAT THE UNDERLYING OBLIGATION HAS BEEN EXTINGUISHED.
Intro. by Crawford.

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Bill summary

Conference report recommends the following changes to 3rd edition to reconcile matters in controversy.
Makes clarifying changes to proposed GS 14-118.6, which concerns the register of deeds’ treatment of a false lien or encumbrance. Requires the Secretary of State (rather than the Administrative Office of the Courts) to adopt the appropriate form for a Notice of Denied Lien or Encumbrance Filing. Specifies that proposed subsections (b) (filing procedure) and (c) (designating false filing) do not apply to filings under Article 9 (secured transactions) of GS Chapter 25 or under GS Chapter 44A, and makes conforming changes. Adds a section, amending GS 44A-12.1(c), to make any person who files an unlawful claim of lien guilty of a Class I felony (was, a Class 1 misdemeanor).