Pennsylvania Act 1961-382 — RELATING TO THE SATISFACTION OF MORTGAGES

Act text

AN ACT

Relating to the satisfaction of mortgages in counties of the second, second A, third, fourth, fifth, sixth, seventh and eighth class by the recording of a satisfaction piece, prescribing forms therefor, and fixing fees for the recording thereof. (Amended, 1967, Act No. 380, P. L. 858, Section 1)

Compiler's Note: Section 11 of Act 197 of 2002 provided that Act 382 is repealed insofar as it is inconsistent with Act 197.

The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:

Section 1. Definitions.--As used in this act:

(1) "Mortgage" shall mean any instrument or document recorded or filed for record in the office of the recorder of deeds (or other officials in charge of recording mortgages) in any county of the second, second A, third, fourth, fifth, sixth, seventh or eighth class of the Commonwealth which creates or purports to create a specific lien on any real property within such county.

(Amended, 1967, Act No. 380, P. L. 858, Section 1)

(2) "Real Property" shall mean lands, tenements, buildings and parts thereof or any interest therein.

(3) "Mortgagee" shall mean the owner or holder of the mortgage lien and shall include natural persons, copartnerships, associations, societies, fiduciaries, private and public corporations, authorities, the United States of America and any other country and their respective governmental agencies, the Commonwealth of Pennsylvania and any other state and their respective political subdivisions and agencies or the heir at law, legal representative, assignee, successor in interest, or attorney in fact of any of the foregoing.

Section 2. Every mortgagee may enter of record in the office where the mortgage is recorded a duly executed satisfaction piece which shall forever thereafter satisfy and discharge the lien of the mortgage referred to therein; however, in every county that microfilms the mortgage, upon direction of the recorder of deeds the mortgagee shall satisfy and discharge the lien of the mortgage by means of a satisfaction piece.

(2 amended Oct. 28, 1983, P.L.188, No.48)

Section 3. Every satisfaction piece shall be in substantially the form provided in section 4 of this act and shall contain the names of the mortgagor, mortgagee and of the last assignee of mortgagee, if any, the date and the original principal amount of the mortgage, an accurate reference by book and page (or other appropriate recording reference) to the place where the mortgage and the last assignment thereof are recorded or filed for recording, and a brief description of or a statement of the location of the mortgaged real estate, and shall be executed and acknowledged by or on behalf of the mortgagee. The satisfaction piece shall be accompanied, upon presentation for recording, by the original or a certified copy of the mortgage instrument.

(3 amended Oct. 28, 1983, P.L.193, No.51)

Section 4. (a) Form of satisfaction piece for use by natural persons.

Satisfaction Piece

Made this .................. day of ............ 19.........

Name of Mortgagor:

Name of Mortgagee:

Name of Last Assignee:

Date of Mortgage:

Original Mortgage Debt:$

Mortgage recorded on ...................., 19 ....., in the office of the Recorder of Deeds of ................. County, Pennsylvania, in Mortgage Book ............................, page .............. (Unless the word "None" is inserted after the "Name of Last Assignee" above, include the following):

Last assignment recorded on .............., 19 .........., in the Office of the Recorder of Deeds of ......................... County, Pennsylvania, in Mortgage Book ....................., page ....................

Brief Description or Statement of Location of Mortgaged Premises:

The undersigned hereby certifies that the debt secured by the above-mentioned Mortgage has been fully paid or otherwise discharged and that upon the recording hereof said Mortgage shall be and is hereby fully and forever satisfied and discharged.

Witness the due execution hereof.

Witnessed by:

.........................

....................................

(Affix Acknowledgment)

(b) Form of satisfaction piece for use by other than natural persons.

Satisfaction Piece

Made this ................... day of ............., 19 ......

Name of Mortgagor:

Name of Mortgagee:

Name of Last Assignee:

Date of Mortgage:

Original Mortgage Debt:$

Mortgage Recorded on ..............., 19 ......, in the Office of the Recorder of Deeds of ................ County, Pennsylvania, in Mortgage Book ..............., page ........... (Unless the word "None" is inserted after the "Name of Last Assignee" above, include the following): Last assignment recorded on ..........................., 19 ......, in the Office of the Recorder of Deeds of .................. County, Pennsylvania, in Mortgage Book ..............., page ...........

Brief Description or Statement of Location of Mortgaged Premises:

The undersigned hereby certifies that the debt secured by the above-mentioned Mortgage has been fully paid or otherwise discharged and that upon the recording hereof said Mortgage shall be and is hereby fully and forever satisfied and discharged.

Witness the due execution hereof.

Attested or witnessed by:

.........................

................................... By .........................

(Affix Acknowledgment)

Compiler's Note: Section 10 of Act 100 of 2012 provided that section 4 is repealed insofar as it prohibits electronic filing of satisfaction pieces allowed by Act 100.

Section 5. The recording officer shall enter of record and properly index all satisfaction pieces against the name of the mortgagee or last assignee, as each is indicated in the satisfaction piece, and the recording officer shall indicate the recording of the satisfaction piece by an accurate reference placed on the record of the instrument satisfied thereby, or when the mortgage so satisfied is transcribed or recorded in a manner which permits notations to be made on the margin thereof, the recording officer shall note such satisfaction on the margin of the recorded mortgage and shall refer in such notation to the volume and page of the record wherein the satisfaction piece is set forth in full.

Section 6. Nothing herein contained shall impose liability on any recording officer or any political subdivision of the Commonwealth for any mistake, error or inaccuracy found in any satisfaction piece recorded or filed for recording.

Section 7. This act shall not affect or impair any other act, or any rule of civil procedure promulgated by the Supreme Court of the Commonwealth, which provides for the satisfaction or discharge of a mortgage in any manner other than as prescribed herein.

Section 8. The fee for recording a satisfaction piece shall be four dollars and fifty cents ($4.50), exclusive of any State tax now levied or that may hereafter be levied on recorded instruments.

Section 9. No written satisfaction or intended satisfaction given prior to the date hereof with respect to any mortgage on real property, situate in this Commonwealth, shall be deemed, held or adjudged invalid, defective or insufficient in law if the same shall purport to satisfy or discharge the lien of any mortgage and shall have been duly executed and acknowledged by or on behalf of the mortgagee and recorded in the office of the recorder of deeds of the county of the Commonwealth wherein the real property described or referred to in such satisfaction is situate, but all such satisfactions shall be good, valid and effective in law for the purposes therein recited.