708.15 Mortgage satisfaction.

1,515 words·~7 min read·/wi/chapter-708/708-15-10

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definitions. In this section:

(a)“Address for giving a notification” means, for the purpose of a particular type of notification, the most recent address provided in a document by the intended recipient of the notification to the person giving the notification, unless the person giving the notification knows of a more accurate address, in which case the term means that address.

(b)“Day” means calendar day.

(c)“Document” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(d)“Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

(e)“Entitled person” means any of the following:

1. A person liable for payment or performance of the obligation secured by the real property described in a security instrument.

2. The landowner.

3. The settlement agent.

(f)“Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing.

(g)“Landowner” or “owner” means a person that, before foreclosure, has the right of redemption in the real property described in a security instrument. The term does not include a person that holds only a lien on the real property.

(h)“Notification” means a document containing information required under this section and signed by the person required to provide the information.

(i)“Payoff amount” means the sum necessary to satisfy a secured obligation, as set forth in a payoff statement by the secured creditor.

(j)“Payoff statement” means a document containing the information specified in sub.

(d).

(k)“Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

(L)“Recording data” means the date of recording, the document number, and, if given on the document, the volume and page where the document is recorded in the office of the register of deeds under s. 59.43 .

(m)“Residential real property” means real property located in this state that is used primarily for personal, family, or household purposes and is improved by one to 4 dwelling units.

(n)“Secured creditor” means a person that holds or is the beneficiary of a security interest or that is authorized both to receive payments on behalf of a person that holds a security interest and to record a satisfaction of the security instrument upon receiving full performance of the secured obligation. The term does not include a trustee under a security instrument.

(o)“Secured obligation” means an obligation the payment or performance of which is secured by a security interest.

(p)“Security instrument” means an agreement, however denominated, that creates or provides for an interest in real property to secure payment or performance of an obligation, whether or not it also creates or provides for a lien on personal property.

(q)“Security interest” means an interest in real property created by a security instrument.

(r)“Settlement agent” means the person responsible for the preparation of the settlement statement for the conveyance of real property.

(s)“Sign” means, with present intent to authenticate or adopt a document, any of the following:

1. To execute or adopt a tangible symbol.

2. To attach to or logically associate with the document an electronic sound, symbol, or process.

(t)“State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

(u)“Submit for recording” means to deliver, with required fees and taxes, a document sufficient to be recorded under this section, to the office of the register of deeds under s. 59.43 .

(v)“Title insurance company” means an organization authorized to conduct the business of insuring titles to real property in this state.

(2)Notification: manner of giving and effective date.

(a)A person gives a notification by doing any of the following:

1. Depositing it with the U.S. Postal Service with 1st class postage paid or with a commercially reasonable delivery service with cost of delivery provided, properly addressed to the recipient’s address for giving a notification.

2. Sending it by facsimile transmission, electronic mail, or other electronic transmission to the recipient’s address for giving a notification.

3. Causing it to be received at the address for giving a notification within the time that it would have been received if given in the manner provided in subd. 1.

(b)A notification is effective at any of the following times:

1. The day after it is deposited with a commercially reasonable delivery service for overnight delivery.

2. Three days after it is deposited with the U.S. Postal Service, with 1st class mail with postage prepaid, or with a commercially reasonable delivery service for delivery other than by overnight delivery.

3. The day it is given, if given as provided in par.

(a)2.

4. The day it is received, if given by a method other than as provided in par.

(a)1. or 2.

(c)If this section or a notification given under this section requires performance on or by a certain day and that day is a Saturday, Sunday, or legal holiday under the laws of this state or the United States, the performance is sufficient if performed on the next day that is not a Saturday, Sunday, or legal holiday.

(3)Payoff statement: request and content.

(a)An entitled person, or an agent authorized by an entitled person to request a payoff statement, may give to the secured creditor a notification requesting a payoff statement for a specified payoff date not more than 30 days after the notification is given. The notification must contain all of the following:

1. The entitled person’s name.

2. If given by a person other than an entitled person, the name of the person giving the notification and a statement that the person is an authorized agent of the entitled person.

3. A direction whether the statement is to be sent to the entitled person or that person’s authorized agent.

4. The address, facsimile transmission number, or electronic mail or other electronic transmission address to which the secured creditor must send the statement.

5. Sufficient information to enable the secured creditor to identify the secured obligation and the real property encumbered by the security interest.

(b)If a notification under par.

(a)directs the secured creditor to send the payoff statement to a person identified as an authorized agent of the entitled person, the secured creditor must send the statement to the agent, unless the secured creditor knows that the entitled person has not authorized the request.

1. Except as provided in subd. 2. , within 7 business days after the effective date of a notification that complies with par.

(a)or, if the security interest encumbers real property that is not residential real property, within a reasonable longer time after the effective date of such a notification, the secured creditor shall issue a payoff statement and send it as directed under par.

(a)3. in the manner prescribed in sub.

(2)for giving a notification.

2. If the person to whom the notification is given once held an interest in the secured obligation but has since assigned that interest, the person need not send a payoff statement but shall, within 7 business days after the effective date of the notification, give a notification of the assignment to the person to whom the payoff statement otherwise would have been sent, providing the name and address of the assignee.

3. A secured creditor that sends a payoff statement to the entitled person or the authorized agent may not claim that the notification did not satisfy par.

(a).

(d)Except as provided in par.

(f)2. , a payoff statement shall contain all of the following:

1. The date on which it was prepared and the payoff amount as of that date. If the entitled person or the person’s authorized agent specifically requests it, the payoff statement shall include the amount by type of each fee, charge, or other sum included within the payoff amount.

2. The information reasonably necessary to calculate the payoff amount as of the requested payoff date, including the per diem interest amount, if applicable.

3. The payment cutoff time, if any, the address or place where payment, including payment by electronic transmission, if available, must be made, and any limitation as to the authorized method of payment.

(e)A payoff statement may contain the amount of any fees authorized under this subsection not included in the payoff amount.

1. If the security instrument secures an interest in residential real property, a secured creditor may not qualify a payoff amount or state that the payoff amount is subject to change before the payoff date.

2. A secured creditor may qualify a payoff amount or state that the payoff amount is not practicably determinable or is subject to change before the payoff date if all of the following apply: