COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 585
(By Senators Kessler, Chafin and Minard)
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[Originating in the Committee on Banking and Insurance;
reported February 24, 2010.]
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A BILL to amend and reenact §38-12-1 of the Code of West Virginia,
1931, as amended, all relating to requiring lienholders to
record a release in the county clerk's office within sixty
days after the lien has been satisfied.
Be it enacted by the Legislature of West Virginia:
That §38-12-1 of the Code of West Virginia, 1931, as amended,
be amended and reenacted, to read as follows:
ARTICLE 12. RELEASE AND ASSIGNMENT OF LIENS.
§38-12-1. When release of lien required; requisites thereof.
(a) Every person entitled to the benefit of any lien on any
estate, real or personal, or to the money secured thereby, whether
the lien was created by conveyance, judgment, decree, lis pendens,
notice of attachment, deed of trust, contract or otherwise,
shall
be is required to furnish and execute an apt and proper written
release
thereof of the lien free of charge to the debtor whose obligation secured by
such the lien has been fully paid and
satisfied, if the lien is of record in the proper county.
Such The
release shall be executed and furnished to the debtor within thirty
days after the debt has been satisfied.
(b)
Such The release of lien shall be executed by the
lienholder and acknowledged before the clerk of the county
commission in whose office the lien is recorded or before
such
other another person authorized to take acknowledgments of deeds
within sixty days after the lien has been satisfied. Such The
written release
shall be deemed is sufficient if it
describe
describes the lien to be released by any words that
will identify
and show an intent to discharge the
same lien. Releases may also
be made according to the provisions of section two of this article.
NOTE: The purpose of this bill is to require lienholders to
record a release in the county clerk's office within sixty days
after the lien has been satisfied.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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