CHAPTER 543

FORMERLY

H0USE BILL NO. 401

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 21, TITLE 25 OF THE DELAWARE CODE RELATING TO THE SATISFACTION OF MORTGAGES.

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

Section 1. Amend subsection (a). § 2111, Chapter 21, Title 25 of the Delaware Code by inserting the phrase "affecting properties in Kent or Sussex Counties" between the words "mortgage" and "is" as they appear in the first sentence of said subsection.

Section 2. Amend § 2111, Chapter 21, Title 25 of the Delaware Code by redesignating the subsections "(b), (c). (d), (e) and (f)". as they appear therein as subsections "(c). (d). (I) and (g)". respectively.

Section 3. Amend subsection (a)(2), § 2111, Chapter 21, Title 25 of the Delaware Code by deleting the words "subsection (b)" as they appear in the first sentence and by inserting in lieu thereof "subsection (c)".

Section 4. Amend § 2111. Chapter 21. Title 25 of the Delaware Code by inserting a nets subsection (b) to read as follows:

"(b) Whenever the debt or duty secured by a mortgage or conveyance in the nature of a mortgage affecting properties in New Castle County 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 the -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,

(1) A satisfaction of a mortgage or conveyance shall be made by recordation of either a satisfaction piece if the instrument is presented in substantially the same form as set out in subsection e) of this Section and acknowledged in the same manner as provided by law for the acknowledgment of deeds, or an attorney's affidavit pursuant to § 2120. Mc satisfaction piece shall be presented to the Recorder. and the Recorder shall accept such document for recordation providing such document conforms to the requirements set out m subsection (c) of this Section.

(2) If it 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 in the indices as to where the release is recorded."

Section 5. Amend new subsection (c), § 2111, Chapter 21, Title 25 of the Delaware Code by inserting the phrase "and (b)( )" between the phrase "(a)(2)" and the word "or as they appeal in said subsection.

Section 6. Amend new subsection (c), § 2111, Chapter 21, Title 25 of the Delaware Code by inserting immediately after the word "Address: " the following:

Tax Parcel Identification Number:

Property Address: _____________".

Section 7. Amend new subsection (d). § 2111. Chapter 21. Title 25 of the Delaware Code bys striking said subsection in its entirety and substituting in lieu thereof the following:

"(d) Each Recorder shall either create and maintain a separate index and record of the recording of documents which are authorized to he 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 or index the same in the index used for recorded mortgages. If the Recorder creates a separate index, it may he called the Release and Satisfaction Index which shall reference the mortgagor, mortgagee. record book and page of the mortgage being released or satisfied, and the address or lot number, if any, of the property being released or- satisfied. The Recorder may also maintain a separate record of said instruments and shall not he required to maintain other than a micrographic or electronic record of said instruments.-

Section 8. Amend § 2111(e), Title 25 of the Delaware Code by inserting. after the text "by subsection (a)" and before the text "of this section-, new text, to read:

"or (b)"

Section 9. the provisions of this Act shall become effective on the later of July I. 1996 or 91) days after enactment.

Approved July 18. 1996