GENERAL ASSEMBLY OF NORTH CAROLINA

1987 SESSION

 

 

CHAPTER 405

HOUSE BILL 77

 

AN ACT TO PROVIDE AN ALTERNATE PROCEDURE FOR CANCELLATION OF A DEED OF TRUST.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 45-37(a) is amended by adding a new subdivision to read:

"(5)      By exhibition to the register of deeds of a notice of satisfaction of a deed of trust or other instrument which has been acknowledged by the trustee before an officer authorized to take acknowledgments. The notice of satisfaction shall be substantially in the form set out in G.S. 47-46.1.  The notice of satisfaction shall recite the names of all parties to the original instrument, the amount of the obligation secured, the date of satisfaction of the obligation, and a reference by book and page number to the record of the instrument satisfied.

Upon exhibition of the notice of satisfaction and payment of the appropriate fee provided in G.S. 161-10, the register of deeds shall record the notice of satisfaction and cancel the deed of trust or other instrument by entry of satisfaction on the margin of the record or as provided in G.S. 45-37.2."

Sec. 2.  Article 3 of Chapter 47 of the General Statutes is amended by adding a new section to read:

" 47-46.1.  Notice of satisfaction of deed of trust or other instrument.-The form of a notice of satisfaction of a deed of trust or other instrument pursuant to G.S. 45-37(a)(5) shall be substantially as follows:

North Carolina, __________ County.

I, __________ (name of trustee), certify that the debt or other obligation in the amount of __________ secured by the (deed of trust) (other instrument) executed by __________ (grantor), __________ (trustee), and __________ (beneficiary), and recorded in __________ County at __________ (book and page) was satisfied on __________ (date of satisfaction).

 

                                                _________________

(Signature of trustee)

 

 

I, __________ (name of officer taking acknowledgment), __________ (official title of person taking acknowledgment) certify that __________ (name of trustee) personally came before me this day and acknowledged the satisfaction of the provisions of the above-referenced (deed of trust) (other instrument).

Witness my hand and official seal this the __________ day of __________ (month), __________ (year).

 

_____________________

(Signature of officer taking acknowledgment)

 

My commission expires __________ (Date of expiration of official's commission).

 

North Carolina, __________County.

The foregoing notice of satisfaction (or annexed notice of satisfaction) of __________ (name of officer that took acknowledgment), _________ (official title of person that took acknowledgment), is certified to be correct. 

This __________(day) of ____________(month), ________(year).

 

_______________

(Signature of Register of Deeds)".

 

Sec. 3.  This act shall become effective 30 days after ratification.

In the General Assembly read three times and ratified this the 18th day of June, 1987.