655.5 Instrument of satisfaction.
111 words·~1 min read·
/ia/chapter-655-satisfaction-of-mortgages/655-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the judgment is paid in full, the mortgagee shall file with the clerk a satisfaction of judgment which shall release the mortgage underlying the action. A mortgagee who fails to file a satisfaction within thirty days of receiving a written request shall be subject to reasonable damages and a penalty of five hundred dollars plus reasonable attorney fees incurred by the aggrieved party, to be recovered in an action for the satisfaction by the party aggrieved.
[C73, §3328; C97, §4296; C24, 27, 31, 35, 39, §12388; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §655.5] 16; 2007 Acts, ch 85, §1; 2018 Acts, ch 1036, §4