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Current as of January 01, 2023 | Updated by FindLaw Staff
(a) A document is a satisfaction of a security instrument if it does all of the following:
(1) Identifies the type of security instrument, the original parties to the security instrument, the recording data for the security instrument, and the office in which the security instrument is recorded.
(2) States that the person signing the satisfaction is the secured creditor.
(3) Reserved.
(4) Contains language terminating the effectiveness of the security instrument.
(5) Is signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property.
(b) The register of deeds shall accept for recording a satisfaction of a security instrument, unless one of the following applies:
(1) The document is submitted by a method or in a medium not authorized for registration by the register of deeds under applicable law.
(2) The document is not signed by the secured creditor and acknowledged as required by law for a conveyance of an interest in real property. The register of deeds shall not be required to verify or make inquiry concerning (i) the truth of the matters stated in any satisfaction document, or (ii) the authority of the person executing any satisfaction document to do so.
(c) Unless the satisfaction expressly states that the underlying obligation secured by the security instrument has been extinguished and the underlying note or other instrument evidencing the obligation has been cancelled, the recording of a satisfaction of a security instrument does not by itself extinguish any liability of a person for payment or performance of the secured obligation.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 45. Mortgages and Deeds of Trust § 45-36.10. Content and effect of satisfaction - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-45-mortgages-and-deeds-of-trust/nc-gen-st-sect-45-36-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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