Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb2818%20intr.htm&yr=2005&sesstype=RS&i=2818
Timestamp: 2018-02-25 17:54:35
Document Index: 349257550

Matched Legal Cases: ['§38', '§38', '§38', '§38', '§38', '§38', '§38', '§38']

hb2818 intr
(By Delegates Argento and Stemple)
A BILL to amend and reenact §38-12-1 and §38-12-8 of the Code of West Virginia, 1931, as amended; and to amend said code by adding thereto a new section, designated §38-12-14, all relating to requiring lien holders to notify the sheriff's office via written instrument and to record a release in the county clerk's office within sixty days after the lien has been satisfied; requiring that the lien be removed from record upon satisfaction; and providing penalties for failure to notify the sheriff and county clerk of satisfaction.
That §38-12-1 and §38-12-8 of the Code of West Virginia, 1931, as amended, be amended and reenacted; and that said code be amended by adding thereto a new section, designated §38-12-14, all to read as follows:
(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 required to furnish and execute an apt and proper written release thereof free of charge to the debtor whose obligation secured by such lien has been fully paid and satisfied, if the lien is of record in the proper county. Such release shall be executed and furnished to the debtor within thirty days after the debt has been satisfied. The lienholder shall also send written notification that the lien has been satisfied to the sheriff's office in the county where the lien has been recorded within sixty days after the lien has been satisfied.
(b) Such 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 person authorized to take acknowledgments of deeds within sixty days after the lien has been satisfied. Such written release shall be deemed sufficient if it describe describes the lien to be released by any words that will identify and show an intent to discharge the same. Releases may also be made according to the provisions of section two of this article.
When the release has been so signed and acknowledged, it may be presented for record to the clerk in whose office the lien thereby intended to be released is recorded or docketed, and from and after the time the same is so left for record (which time the clerk shall indorse thereon) such lien shall be discharged, and extinguished and removed from the record, unless the lien holder files an extension, and the estate, of whatever kind, bound or affected thereby, shall be deemed to be vested in the former owner or those claiming under him or her, as if such lien had never existed. Liens that have been satisfied as of the first day of July, two thousand five, and have not been removed from the record may be removed by the county clerk's office and the county tax department.
§38-12-14. Penalty for failure of lienholder to notify sheriff's office or county clerk of satisfaction .
Any lienholder who, upon satisfaction of a lien, fails to notify the sheriff and county clerk, as required in section one of this article, shall be liable to pay a fine of not more than fifty dollars to be assessed by the sheriff.
NOTE: The purpose of this bill is to require lien holders to notify the sheriff's office via written instrument and to record a release in the county clerk's office within sixty days after the lien has been satisfied; require that the lien be removed from record upon satisfaction; and provide penalties for failure to notify the sheriff and county clerk of satisfaction.
§38-12-14 is new; therefore, strike-throughs and underscoring have been omitted.