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SB585 SUB1 Senate Bill 585 History

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SB585 SUB1
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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