708.15 Mortgage satisfaction.

446 words·~2 min read·/wi/chapter-708/708-15-5

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.