CHAPTER 245

FORMERLY

HOUSE BILL NO. 14

AS AMENDED BY SENATE AMENDMENT NO. 1

AN ACT TO AMEND TITLE 25 OF THE DELAWARE CODE RELATING TO SATISFACTION OF MORTGAGES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

SECTION 1. Amend Section 2111, Chapter 21, Title 25 of the Delaware Code by striking Subsection (a) in its entirety and substituting therein the following:

12111. Satisfaction of Mortgages; Penalty; Enforcement in Superior Court.

(a) Whenever the debt or duty secured by a mortgage or conveyance in the nature of a mortgage is satisfied or performed, the legal holder of such mortgage or conveyance at the time the satisfaction or performance is completed, shall, forthwith, after satisfaction or performance is completed, cause an entry of such satisfaction or performance to be made upon the record by any procedure enumerated in this subsection. The fee for entering such satisfaction or performance upon the record shall be paid by the debtor or obligor unless the mortgage or conveyance provides otherwise.

A satisfaction may be endorsed on the recorded mortgage or conveyance, by the mortgagee or his assignee, or his attorney duly constituted; or, when the holder is not an individual, by any general partner, trustee or any officer or the cashier, or the assistant cashier, or the attorney of a corporation duly constituted and verified by the Recorder.

A satisfaction of a mortgage or conveyance may be made by recordation of a satisfaction piece if the instrument is presented in substantially the same form as set out in Subsection (b) of this Section and acknowledged in the same manner a provided by law for the acknowledgement of deeds. The satisfaction piece shall be presented to the Recorder, and the Recorder or the Recorder's Deputy shall be authorized to endorse the satisfaction on the mortgage.

If a full or partial release of the mortgage or conveyance is recorded, the Recorder of Deeds shall place a reference to a book and page number or other place where the release is recorded on the recorded mortgage or conveyance."

SECTION 2. Amend Section 2111, Chapter 21, Title 25 of the Delaware Code by redesignating the existing Subsections (b), (c) and (d) as (d), (e) and (f) respectively, and by inserting a new Subsection (b) to read as follows:

12111(b). The following shall be a sufficient form of satisfaction piece as authorized by Subsection a(2) of this Section:

To: Recorder of Deeds This instrument prepared by:

County Name:

State of Delaware Address:

You are hereby requested and authorized to enter satisfaction of, and cancel of record, the mortgage executed by

mortgagor, to , mortgagee, dated

19 , and recorded , 19_, in your office in Mortgage

Record , at Page . [and if applicable, Assigned

by to and recorded in Assignment

Record , Page ]

INDIVIDUAL SIGNATURE AND ACKNOWLEDGEMENT

IN WITNESS WHEREOF, Mortgagee(s), [Assignee(s)] has(ve) hereunto set its/their hand(s) and seal(s) this day of , 19_.

(SEAL)

WITNESS MORTGAGEE

State of


County of

This instrument was acknowledged before me on (.date by (Name(s) of person(s).

(Signature of notarial officer)

(Seal, if any)

(Title and rank)

(My commission expires

SIGNATURE AND ACKNOWLEDGEMENT IN A REPRESENTATIVE CAPACITY

IN WITNESS WHEREOF, Mortgagee [Assignee] has hereunto set its hand and seal this day of , 19_.

MORTGAGEE [ASSIGNEE] NAME

BY: (SEAL)

WITNESS ATTEST: (SEAL)

State of

County of

This Instrument was acknowledged before me on (date),

by [name(s) of persons (s)] as

[type of authority, e.g., officer, trustee, etc.] of
[name of party on behalf of whom instrument was executed].

(Signature of notarial officer)

(Seal, if any)

(Title and rank)

(My commission expires

SECTION 3. Amend Section 2111, Chapter 21, Title 25 of the Delaware Code by adding a new Subsection (c) to read as follows:

Each Recorder shall be authorized to create and maintain a separate index and record for the recording of documents which are authorized to be recorded by this Chapter including, but not limited to, Powers of Attorney to Satisfy Mortgages, Satisfaction Pieces, Partial and Complete Releases of Mortgages and Security Interests. If the Recorder creates such an index, it shall be called the Release and Satisfaction Index. The Recorder shall also be authorized to maintain a separate record of said instruments and shall not be required to maintain other than a micrographic or electronic record of said instruments."

SECTION 4. This Act will become effective 60 days after its enactment. Approved May 15, 1992.