Bill Summary for H 203 (2011-2012)

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

Summary date: 

Mar 1 2011
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

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.