South Dakota § 44-8-31 - Requirements of certificate of release.

§ 44-8-31. Requirements of certificate of release.

A certificate of release executed under §§ 44-8-30 to 44-8-35, inclusive, shall contain substantially all of the following:

(1)    The name of the mortgagor; the name of the original mortgagee; if applicable, the mortgage servicer; the date of the mortgage; the date of recording; and the volume and page or document number in the real property records where the mortgage is recorded; together with similar information for the last recorded assignment of the mortgage;

(2)    A statement that the mortgage was in the original principal amount of five hundred thousand dollars or less;

(3)    A statement that the person executing the certificate of release is an officer or a duly appointed agent of a title insurance company authorized and licensed to transact the business of insuring titles to interests in real property in this state under chapter 58-25;

(4)    A statement that the certificate of release is made on behalf of the mortgagor or a person who acquired title from the mortgagor to all or a part of the property described in the mortgage;

(5)    A statement that the mortgagee or mortgage servicer provided a payoff statement that was used to make payment in full of the unpaid balance of the loan secured by the mortgage; and

(6)    A statement that payment in full of the unpaid balance of the loan secured by the mortgage was made in accordance with the written or verbal payoff statement, and received by the mortgagee or mortgage servicer, as evidenced by one or more of the following in the records of the title insurance company or its agent: a bank check, certified 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 mortgage servicer, or other documentary evidence of payment to the mortgage or mortgage servicer.

Source: SL 1997, ch 251, § 3; SL 2002, ch 201, § 2.