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35-10-22
Section 35-10-22 Partial payments - When entered on margin of record. A mortgagee or the assignee
or transferee of a debt secured by mortgage, or trustee or his assignee or transferee or cestui
que trust of a deed of trust to secure a debt, who has received partial payment, if the mortgage
or deed of trust is of record, must, upon request in writing to enter the date and amount
of such partial payment by the mortgagor, or by a judgment creditor, or other creditor of
the mortgagor having a lien or claim on the property mortgaged, or by a purchaser from the
mortgagor, or upon the written request of the debtor in a deed of trust, enter on the margin
of the record of the mortgage or deed of trust the date and amount of such partial payment
or payments; a mortgagee or the assignee or transferee of a debt secured by mortgage, or trustee
or his assignee or transferee or cestui que trust of a deed of trust to secure a debt, if
the mortgage or deed of trust is of record, must, upon request in...
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7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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35-10-27
Section 35-10-27 Entry of full payment or satisfaction in record - Generally. If a mortgage
or deed of trust which is of record has been fully paid or satisfied, the mortgagee or transferee
or assignee of the mortgage, or trustee or cestui que trust of the deed of trust, who has
received payment or satisfaction, must on request in writing of the mortgagor, or of a creditor
of the mortgagor having a lien or claim on the property mortgaged, or of a purchaser from
the mortgagor, or owner of the lands mortgaged, or a junior mortgagee, or of the debtor in
a deed of trust, enter the fact of payment or satisfaction on the margin of the record of
the mortgage or deed of trust. Such entry must be witnessed by the judge of probate, or his
clerk, who, in his official capacity, must attest said satisfaction, and for making such attestation
the judge of probate is entitled to a fee of $.25. Or satisfaction may be made by an attorney-in-fact
authorized by an instrument executed and acknowledged as...
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35-10-30
Section 35-10-30 Penalty. (a) If, for 30 days after such request, the mortgagee or assignee
or transferee, trustee or cestui que trust, fails to make any entry required by this article
he forfeits to the party making the request $200.00 unless there is pending, or there is instituted,
an action within that time, in which the fact of partial payment or satisfaction is or may
be contested. In construing this article, the right of action given herein shall be considered
as a personal right, and shall not be lost or waived by a sale of the property covered
by the mortgage or deed of trust before a demand was made for the satisfaction to be entered
upon the record. (b) All actions for the recovery of the penalties mentioned in this article
shall be brought in the county where such mortgage or other instrument is recorded. (c) This
section does not apply to satisfactions of residential mortgages which are governed by the
Alabama Residential Mortgage Satisfaction Act. (Code 1852, §§1343,...
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35-10-20
Section 35-10-20 When indebtedness presumed to have been paid. As to third parties without
actual notice or knowledge to the contrary, the indebtedness secured by any recorded mortgage,
or reservation of vendor's lien, either in deed of conveyance or note, bond or contract of
purchase covering real estate 20 years past due according to the original maturity date, or
some new date fixed by a duly recorded extension agreement, shall be conclusively presumed
to have been paid unless the record of such mortgage or lien shows a credit by the mortgagee,
or lienee, or owner of the debt, or his assignee of one or more payments upon such indebtedness
within the 20 years last passed. And if the final maturity date of the debt is not shown by
the mortgage or lien, or a recorded extension agreement, or cannot be determined by calculation
from the recitals contained therein, then the time shall run from the date of the mortgage
or lien. The notation of credits mentioned in the next preceding...
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7-1-201
in size than the surrounding text, or in contrasting type, font, or color to the surrounding
text of the same or lesser size; and (B) Language in the body of a record or display in larger
type than the surrounding text, or in contrasting type, font, or color to the surrounding
text of the same size, or set off from surrounding text of the same size by symbols or other
marks that call attention to the language. (11) "Consumer" means an individual who
enters into a transaction primarily for personal, family, or household purposes. (12)
"Contract," as distinguished from "agreement," means the total legal obligation
that results from the parties' agreement as determined by this title as supplemented by any
other applicable laws. (13) "Creditor" includes a general creditor, a secured creditor,
a lien creditor, and any representative of creditors, including an assignee for the benefit
of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator
of an...
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35-10-21
Section 35-10-21 When payment required to be entered in record. The owner or holder of any
recorded lien other than those specified in section 35-10-22, who has received payment in
full or partial payments of the debt so secured by the recorded lien, must, upon request in
writing, enter on the margin of the record of such recorded lien, the amount and date of such
payment and the amount of the debt which remains unpaid at that date which was so secured
by the recorded lien. (Code 1923, §9021; Code 1940, T. 47, §176.)...
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35-10-24
Section 35-10-24 Partial payments - Entry by execution and delivery of separate instrument.
(a) Any person required by the provisions of this article, and more particularly Sections
35-10-21 through 35-10-24 thereof, to make any entry of partial payment on the margin of the
record may fully discharge his obligation to make such entry by executing a separate instrument
which properly identifies such mortgage, deed of trust, or other encumbrance, and which clearly
states the information required otherwise to be entered on the record or margin thereof, and
by delivering such instrument or depositing the same in the United States mail properly stamped
and addressed, to the person who requests such entry, but the person requested to make such
entry shall not be required to file such separate instrument for record; provided, that such
separate instrument so to be furnished shall be so prepared and acknowledged that the same
shall be admitted to record in the office of the judge of probate...
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40-22-2
Section 40-22-2 Mortgages, deeds of trust, etc., generally. No mortgage, deed of trust, contract
of conditional sale, or other instrument of like character which is given to secure the payment
of any debt which conveys any real or personal property situated within this state
or any interest therein or any security agreement or financing statement provided for by the
Uniform Commercial Code, except a security agreement or a financing statement relating solely
to security interests in accounts, contract rights, or general intangibles, as such terms
are defined in the Uniform Commercial Code, and except for the re-recordation of corrected
mortgages, deeds, or instruments executed for the purpose of perfecting the title to real
or personal property, specifically, but not limited to, corrections of maturity dates
thereof, shall be received for record or for filing in the office of any probate judge of
this state unless the following privilege or license taxes shall have been paid upon such...
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40-22-6
Section 40-22-6 Tax upon recording transfer of instrument recorded by exempt institution -
Generally. If any mortgage, deed of trust, contract of conditional sale, or other instrument
of like character heretofore or hereafter filed for record in any probate office of this state
which was or shall be given to secure the payment of any debt incurred to a corporation, organization,
or institution now or hereafter exempt by law from the payment of the recording privilege
tax imposed by Section 40-22-2 and upon which such recording privilege tax has not been previously
paid has been heretofore or be hereafter transferred to a person, corporation, organization,
or institution not exempt from payment of such tax and such transfer is presented for record
within this state, such transfer shall be received for record upon payment of the privilege
tax imposed by said section upon the then unpaid balance of the secured debt and the recording
fees of the probate judge. (Acts 1951, No. 816, p. 1449,...
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