Pennsylvania Act 1955-392 — RELATING TO THE SATISFACTION OF MORTGAGES

Act text

AN ACT

Relating to the satisfaction of mortgages in cities and counties of the first class by the recording of a satisfaction piece, prescribing forms therefor, and fixing the fees thereof.

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

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

(1) "Mortgagee" includes any person, partnership, association, corporation, society, organization or fiduciary, holding a mortgage against real estate in a city or county of the first class, and entitled to payment of the mortgage debt, or the heir, legal representative, successor or assignee of any of the foregoing.

Section 2. Every mortgagee shall, upon receipt of payment of the mortgage debt and tender of satisfaction and filing costs, at the request of the mortgagor or owner of the mortgaged premises, enter of record in the office where the mortgage is recorded a duly executed satisfaction piece to be phrased substantially as provided in the form set out in section seven of this act, and acknowledged as provided by law. The satisfaction piece when recorded shall forever thereafter discharge, defeat and release the lien and debt of the mortgage.

Section 3. Every satisfaction piece shall contain the name of the mortgagor and mortgagee, the date and amount of the mortgage, a reference by book and page (or appropriate designation in the case of microfilm recording) to the record of the original mortgage, a brief description of the real estate, and any assignment or assignments thereof. The satisfaction piece shall be accompanied, on presentation for recording, by the original mortgage instrument. Nothing herein contained shall impose liability on any city or county of the first class for any mistake, error or inaccuracy found in any satisfaction piece filed by any mortgagee which shall appear complete and correct at the time of its filing.

Compiler's Note: Section 10 of Act 100 of 2012 provided that section 3 is repealed insofar as it prohibits electronic filing of satisfaction pieces allowed by Act 100.

Section 4. The recording officer shall 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 in the mortgage record.

Section 5. 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 by order or decree of any court upon payment of the fee prescribed in section six hereof. The recording officer shall accept for recording a copy of the order or decree certified by the prothonotary, and shall index and indicate the same in the record as is herein provided for a satisfaction piece.

Section 6. The fee for recording a satisfaction piece shall be two dollars and fifty cents ($2.50), exclusive of any State tax now levied or that may hereafter be levied on recorded instruments. The council of any city of the first class may, by ordinance, establish any other fees as it may determine to be proper to cover the costs of the recording and the maintenance of the records of satisfied mortgages.

Section 7. (a) Form of Individual Satisfaction Piece; Complete Satisfaction.

KNOW ALL MEN BY THESE PRESENTS

has been paid and that upon the recording of this instrument the

(b) Form of Corporation Satisfaction Piece; Complete Satisfaction.

KNOW ALL MEN BY THESE PRESENTS

has been paid and that upon the recording of this indenture the

said mortgage shall be and is hereby forever discharged. The

Compiler's Note: Section 10 of Act 100 of 2012 provided that section 7 is repealed insofar as it prohibits electronic filing of satisfaction pieces allowed by Act 100.

Section 8. All acts and parts of acts are repealed in so far as they are inconsistent herewith.

Section 9. This act shall take effect July one, one thousand nine hundred fifty-six.