Evening star., 1932-04-23
DEED RELEASE BILL :.
IS BEFORE SENATE.
Blaine Sponsors Legislation
Offering Safeguard to
Note Holders.

Legislation designed to prevent re-
lease of a deed of trust on property
here until note holders have been paid
was introduced in Congress this week
by Senator Blaine of Wisconsin at the
request of the washington Real Estate
Board
The measure is designed to prevent
recurrence Of a duplication OF mort
cages on the same property, due to
failure of payment Of holders OF origi-
nal first trust notes after the release
of deeds of trust.
The measure, drafted by the realty
board with the advice Of the ONCE OF
the District corporation counsel, pro-
vides that the District recorder of
deeds, except upon the order OF court,
shall not accept for record nor record
any deed of trust nor any release
thereof except in accordance with pro-
visions. of the proposed new law
Fee 81 for First Execution.
The measure provides that no deed
Of trust, with certain exceptions, shall
be accepted for record unless the note
secured thereby shall have been iden-
titled by him by stamping thereon over
his signature the words:
This Is lone Of the promiSSory
note(s) described in a deed of trust to
the trustee (sD named hereon, said deed
Of trust being recorded ........... as
instrument numbered .....
RECORDER OF DEEDS.
District Of Columbia"
The fee to be charged would be 81
for the first note secured under any
one instrument, with an additional
charge of 10 cents for each additional
note secured Hereunder, provided, how
ever, that the fee shall be in addition
to the established fee now charged for
the recording Of deeds Of trust.
Other provisions Of the bill are that:
NO release, except as otherwise pro-
vided herein, shall be accepted for
record or recorded by the recorder un-
less the note secured by the instru-
ment being released shall be presented
to the recorder marked Paid" and duly
Cancelled; provided however, that
where any note is lost, destroyed or
otherwise unavailable for presentation
to the recorder upon AFFIDAVIT as to the
facts in reference therto filed with the
recorder and the posting with said re-
corder of a bond, approved by the
court, assuring the payment of such
note in full, or upon evidence that a
sufficient amount of money to assure
the payment of such note in full, has
been deposited in the registry of the
court as hereinafter provided, the re-
corder shall accept for record and re-
cord said release.
Partial Releases Acceptable.
Partial releases may be accepted for
record and recorded by the recorder
upon presentation to him of evidence
satisfactory to him that the amount
required by-t the terms Of the deed of
trust authorizing such release in part
has been paid and that such payment
has been Endorsed upon the note
secured by said deed of trust; provided,
however that If the recorder shall
refuse to record any such release,
such refusal shall be subject to review
by the court by bill in equity, and
provided further, that where any note
is lost, destroyed, or otherwise un-
available for the Endorsement of said
payment thereon, upon affidavit as
to the facts in reference thereto filed
with the recorder and the posting with
said recorder Of bond, approved by
the court, assuring the payment of the
amount required by the terms of the
deed OF trust authorizing such release
sufhcient amount Of money to assure
the payment of the amount required
by the terms of the deed of trust
authorizing such release in part has
been deposited in the registry of the
court as hereinafter provided, the re-
corder shall accept for record and re-
cord said partial release.
In accordance with the provisions
OF this section the clerk OF the court
shall accept and deposit in the registry
OF the court any moneys presented to
him for such deposit to assure the
payment OF any note unavailable for
presentation to the recorder as provided
for in this section, and upon request
said clerk of the courts shall certify
to the recorder the fact that such
moneys have been 50 deposited for
said note.
Upon petition to the court by any
party or parties claiming any money
deposited in the registry of the court
as provided for in this section. the
court upon satisfactory proof shall
order the payment of said funds so
deposited to the party or parties
entitled thereto, without poundage or
commission
Deeds of trust executed by any
corporation operating under the super
vision Of the Interstate Commerce
Commission, or any public utilities
commission or like BODY of anv State