TO PROVIDE AN ALTERNATIVE MORTGAGE SATISFACTION FORM THAT ALLOWS A SECURED CREDITOR TO INDICATE THAT THE UNDERLYING OBLIGATION HAS BEEN EXTINGUISHED.
Amends GS 45-36.11 by adding new subsection (b), which provides an alternate form for secured creditors to use to indicate that the underlying obligation secured by a mortgage or other security instrument has been satisfied. Amends 45-36.21 by adding new subsection (b), which provides an alternate form for trustees and secured creditors to use to indicate that the underlying obligation secured by a deed of trust has been satisfied. Makes technical changes. Effective October 1, 2012, and applies to satisfactions filed on or after that date.
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