TO PROVIDE AN ALTERNATIVE MORTGAGE SATISFACTION FORM THAT ALLOWS A SECURED CREDITOR TO INDICATE THAT THE UNDERLYING OBLIGATION HAS BEEN EXTINGUISHED.
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).
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