Oklahoma § 36-5008 - Release of mortgage affidavit

§ 36-5008. Release of mortgage affidavit

A. As used in this section:

1. "Mortgage" means a contract lien on an interest in real

property;

2. "Mortgagee" means:

a.

the grantee of a mortgage,

b.

if a mortgage has been assigned of record, the last

person or entity to whom the mortgage or judgment lien

has been assigned of record, or

c.

if a mortgage is serviced by a mortgage servicer, the

mortgage servicer;

3. "Mortgage servicer" means the last person or entity to whom

a mortgagor has been instructed by a mortgagee to send payments for

the loan secured by a mortgage or judgment lien. A person or entity

transmitting a payoff statement is considered the mortgage servicer

for the mortgage or judgment lien described in the payoff statement;

4. "Mortgagor" means the grantor of a mortgage;

5. "Payoff statement" means a statement of the amount of:

a.

the unpaid balance of a loan secured by a mortgage or

judgment lien, including principal, interest, and

other charges properly assessed under the loan

documentation of the mortgage or judgment lien, and

Oklahoma Statutes - Title 36. Insurance

b.

interest on a per diem basis for the unpaid balance;

and

6. "Title insurance company" means a corporation or other

business entity authorized and licensed to transact business of

insuring titles to interests in real property in this state.

B. This section applies only to a mortgage or judgment lien on

all real property including commercial or agriculture or a one- to

four-family residence, including a residential unit in a condominium

regime.

C. If a mortgagee or judgment lienholder fails to execute and

deliver a release of mortgage or judgment lien to the mortgagor or

designated agent of the mortgagor within sixty (60) days after the

date of receipt of payment of the mortgage by the mortgagee or

judgment lienholder in accordance with a payoff statement furnished

by the mortgagee or judgment lienholder or its mortgage servicer, an

authorized officer of a title insurance company or a duly appointed

agent of the title insurance company, on behalf of the mortgagor or

a transferee of the mortgagor who acquired title to the property

described in the mortgage, may execute and record an affidavit in

the real property records of each county in which the mortgage or

judgment lien was recorded. The written signature of the agent of

the title insurance company or attorney shall appear on the

affidavit. An authorized officer of a title insurance company or a

duly appointed agent of the title insurance company shall not

require a mortgagor or a judgment debtor to pay a fee associated

with the affidavit referenced in this subsection.

D. An affidavit executed under this section shall state that:

1. The affiant is an authorized officer or a duly appointed

agent of a title insurance company;

2. The affidavit is made on behalf of the mortgagor or a

transferee of the mortgagor who acquired title to the property

described in the mortgage;

3. The mortgagee or judgment lienholder provided a payoff

statement with respect to the loan secured by the mortgage or

judgment lien;

4. The affiant has ascertained that the mortgagee or judgment

lienholder has received payment of the loan secured by the mortgage

or judgment lien in accordance with the payoff statement, as

evidenced by:

a.

a bank check, certified check, cashier's check, escrow

account check from the title company or title

insurance agent or attorney trust account check that

has been negotiated by the mortgagee or judgment

lienholder,

b.

wire transfer, or

c.

another documentary evidence of the receipt of payment

by the mortgagee or judgment lienholder;

Oklahoma Statutes - Title 36. Insurance

5. More than sixty (60) days have elapsed since the date

payment was received by the mortgagee or judgment lienholder;

6. The title insurance company or its duly appointed agent has

given the mortgagee or judgment lienholder at least fifteen (15)

days' notice in writing by certified mail, return receipt requested,

of its intention to execute and record an affidavit in accordance

with this section, with a copy of the proposed affidavit attached to

the written notice; and

7. The mortgagee or judgment lienholder has not responded in

writing to the notification at least fifteen (15) days before the

affidavit is recorded.

E. The affidavit must include the names of the mortgagor and

the mortgagee or judgment lienholder, the date of the mortgage, the

legal description of the property, and the book and page or clerk's

document number of the real property records where the mortgage or

lien and/or modification is recorded, together with similar

information for a recorded assignment of the mortgage or judgment

lien.

F. The affiant shall attach to the affidavit a photostatic

copy, certified by the affiant as a true copy of the original

document, of:

1. The documentary evidence that payment has been received by

the mortgagee or judgment lienholder, including the endorsement of

the mortgagee or judgment lienholder of a negotiated check if paid

by check or proof of a wire transfer if paid by wire. The bank

account number and routing number on the check or proof of wire

transfer may be redacted by the filer; and

2. The payoff statement.

G. An affidavit that is executed and recorded as provided by

this section shall operate as a release of the mortgage or judgment

lien described in the affidavit.

H. The county clerk shall index the affidavit against the real

property described in the mortgage or judgment lien and the

affidavit.

I. A person who knowingly causes an affidavit with false

information to be executed and recorded under this section is liable

for the penalties for filing a false affidavit, including the

penalties for commission of offenses pursuant to the appropriate

section of the penal code, and to a party injured by the affidavit

for actual damages of Five Thousand Dollars ($5,000.00), whichever

is greater. The Attorney General may sue to collect the penalty.

If the Attorney General or an injured party bringing suit

substantially prevails in an action under this subsection, the court

may award reasonable attorney fees and court costs to the prevailing

party.

J. Nothing provided for in this section shall preclude the

mortgagor from availing itself of the remedies provided for in

Oklahoma Statutes - Title 36. Insurance

Section 15 of Title 46 of the Oklahoma Statutes which provides for

penalties against the mortgagee or judgment lienholder for failure

to release a mortgage or judgment lien pursuant to the payment in

full and request for release on behalf of the mortgagor.

Added by Laws 2015, c. 222, § 1, eff. Nov. 1, 2015. Amended by Laws

2021, c. 249, § 1, eff. Nov. 1, 2021; Laws 2024, c. 71, § 1, eff.

Nov. 1, 2024.