HB62 Alabama 2020 Session

Under existing law, secured creditors are only required to submit for recording the satisfaction of any residential mortgages. Other mortgages, including mortgages securing commercial agricultural properties, are excluded from the satisfaction reporting requirements of the Alabama Residential Mortgage Satisfaction Act and a satisfaction is only recorded upon a written request of a mortgagor or a creditor of the mortgagor

This bill would expand the act to require recordation of satisfaction to include mortgages securing commercial agricultural properties and would rename that act the "Alabama Residential and Agricultural Mortgage Satisfaction Act." This bill would also make conforming changes

To expand the Alabama Residential Mortgage Satisfaction Act; to amend Sections 35-10-90, 35-10-91, 35-10-92, 35-10-94, and 35-10-96, Code of Alabama 1975, to include commercial agricultural mortgages; to rename the act accordingly; to amend Sections 35-10-26 and 35-10-30, Code of Alabama 1975, to make conforming changes; and to repeal Section 35-10-27, Code of Alabama 1975.