§ 34-26-2 - Right to discharge on satisfaction of mortgage – Escrow accounts.
SECTION 34-26-2
§ 34-26-2 Right to discharge onsatisfaction of mortgage – Escrow accounts. – (a) Every mortgagee of real estate, his, her or its heirs, executors,administrators, successors, or assigns, having received full satisfaction forthe money due on the mortgage, shall, within thirty (30) days after finalpayment, discharge the mortgage as provided in § 34-26-3 or by separateinstrument of release of the mortgage, and shall send the discharge to berecorded in the proper record book with suitable references to the originalrecord, including the mortgagor's name and address, which shall foreverafterwards discharge, defeat and release the mortgage and perpetually bar allactions to be brought thereon in any court. Upon forwarding the discharge forrecording the mortgagee shall notify the mortgagor. Any mortgagor or his agentupon tendering final payment to the mortgagee in full satisfaction of themortgage may in writing require the mortgagee to issue the discharge byseparate instrument of release, directly to a designated person or real estateclosing officer within the thirty (30) day period.
(b) Every mortgagee of real estate, his, her or its heirs,executors, administrators or successors or assigns, having received fullsatisfaction for the money due on the mortgage, shall, within thirty (30) daysafter final payment, disburse to the mortgagor any and all funds held in escrowunder the terms of the mortgage.