|
35-10-94
Section 35-10-94 Notification by satisfaction agent to secured creditor. (a) If a secured creditor
has not submitted for recording a satisfaction of a security instrument within the time set
forth in Section 35-10-92 after full and complete payment of all indebtedness secured by the
security instrument, a satisfaction agent acting for and with authority from the mortgagors
may give the secured creditor a notification that the satisfaction agent intends to submit
for recording an affidavit of satisfaction of the security instrument. The notification must
include all of the following: (1) The identity and mailing address of the satisfaction agent.
(2) Identification of the security instrument for which a recorded satisfaction is sought,
including the names of the original parties to, and the recording data for, the security instrument.
(3) A statement that the satisfaction agent has determined all of the following: a. That the
real property described in the security instrument is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-94.htm - 3K - Match Info - Similar pages
7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In this
article: (1) "Accession" means goods that are physically united with other goods
in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
35-10-96
Section 35-10-96 Affidavit of satisfaction requirements. An affidavit of satisfaction of a
security instrument must do all of the following: (1) Identify the original parties to the
security instrument, the secured creditor, and the recording data for the security instrument.
(2) State the basis upon which the person signing the affidavit is a satisfaction agent including,
without limitation, that the person signing the affidavit is authorized to sign on behalf
of, and to bind, the insurance company acting as satisfaction agent. (3) State that the person
signing the affidavit has determined that the real property described in the security instrument
is residential real property or was residential real property at the time the security instrument
was made. (4) State that the person signing the affidavit determined that the secured creditor
has received full payment or performance of the secured obligation and, if the security instrument
is an equity line security instrument, that the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-96.htm - 2K - Match Info - Similar pages
35-10-92
Section 35-10-92 Submission of a satisfaction of a security instrument for recording. (a) A
secured creditor shall submit for recording a satisfaction of a security instrument within
30 days after the creditor receives full payment and performance of the secured obligation,
and the secured creditor has no obligation to make advances, incur obligations, or otherwise
give value under any agreement. Equity line security instruments are fully paid and performed
only if, in addition to full payment and performance, the equity line previously has been
closed pursuant to the request of the entitled person or the entitled person's authorized
agent or otherwise closed as provided by law and all secured obligations have been paid in
full. (b) Notwithstanding anything to the contrary in this article, any notification demanding
satisfaction of the security instrument must be sent to the secured creditor's address by
a method that also provides proof of receipt by the secured creditor. (c) A...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-92.htm - 3K - Match Info - Similar pages
35-10-95
Section 35-10-95 Conditions for satisfaction agent to sign and submit affidavit for recording.
(a) Subject to subsections (b) and (c), a satisfaction agent may sign and submit for recording
an affidavit of satisfaction of a security instrument complying with this article if either
of the following occurs: (1) There does not appear of record a satisfaction of a security
instrument within 30 days after the receipt by the secured creditor of the notification. (2)
The secured creditor authorizes the satisfaction agent to do so. (b) A satisfaction agent
may not sign and submit for recording an affidavit of satisfaction of a security instrument
if it has received a notification stating that the secured obligation remains unsatisfied
or information that the security instrument has been assigned. (c) If a satisfaction agent
receives information that the security instrument has been assigned, the satisfaction agent
may not submit for recording an affidavit of satisfaction of the security...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-95.htm - 1K - Match Info - Similar pages
35-10-91
Section 35-10-91 Payoff statement; notice. (a) A person liable for payment or performance of
the obligation secured by the real property described in a security instrument who makes proper
notice pursuant to this section shall be entitled to receive a payoff statement. (b) Proper
notice 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, if required by the secured party evidence, that the person is an authorized agent
of the entitled person. (3) The address to which the creditor must send the statement. (4)
The account number assigned by the secured creditor or other sufficient information to enable
the creditor to identify the secured obligation and the real property encumbered by the security
interest. (5) If the secured obligation is an equity line, a statement that the entitled person
requests the secured creditor to close the equity line upon...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-91.htm - 4K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-22-2.htm - 16K - Match Info - Similar pages
7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-1-201.htm - 11K - Match Info - Similar pages
35-10-90
Section 35-10-90 Short title; application; definitions. (a) This article shall be known as
the Alabama Residential Mortgage Satisfaction Act. This article applies only to mortgages
securing residential real property located in this state which is used primarily for personal,
family, or household purposes and is improved by one to four dwelling units. Without limitation,
this article does not apply to mortgages on commercial or other types of property. This article
also does not apply to a security interest exclusively in one or more fixtures as defined
in Title 7, Article 9A. (b) For purposes of this article, the following terms shall have the
following meanings: (1) ENTITLED PERSON. The person or persons liable for payment or performance
of the obligation secured by the real property described in a security instrument. (2) EQUITY
LINE SECURITY INSTRUMENT. A security instrument securing, in whole or in part, indebtedness
created under a line of credit, a revolving or open-end credit...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-10-90.htm - 3K - Match Info - Similar pages
11-54B-9
Section 11-54B-9 Collection of special assessment; procedures; claim of lien; interest, penalties,
and fees. (a) A self-help business improvement district ordinance shall provide that the special
assessment levied on the owners of the real property located within the geographical area
of the district shall be collected by the district management corporation. The collection
procedures utilized by the district management corporation shall include the mailing of a
notice of the special assessment to the person shown as owner of the property on the records
of the tax assessor in the following manner: (1) After October 1 of each year, the district
management corporation may levy the special assessment for services to be provided during
the following calendar year. (2) The assessment shall be due on December 1 and delinquent
on January 1 following the October levy. (3) Upon delinquency, interest and penalties may
be assessed in the amounts provided in subsection (d). (b) Notwithstanding...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54B-9.htm - 6K - Match Info - Similar pages
|