Nebraska Revised Statute 76-2806

Chapter 76 Section 2806

76-2806.

Closing agent; notification to secured creditor; contents; statutory form.

(1) At least sixty days in advance of recording a certificate of satisfaction, a closing agent shall notify the secured creditor that the closing agent has the authority to execute and record a certificate of satisfaction of the security interest. The notification shall include:

(a) The identity and mailing address of the closing agent;

(b) Identification of the security instrument for which the recording of a deed of reconveyance or a release or satisfaction is sought, including the names of the original parties to, and the recording data for, the security instrument;

(c) A statement that the closing agent has reasonable grounds to believe that:

(i) The real property described in the security instrument is residential real property;

(ii) The person to which the notification is being given is the secured creditor; and

(iii) The closing agent has made full payment or performance of the secured obligation in accordance with a payoff statement furnished by the secured creditor either prior to or contemporaneous with the giving of the notification;

(d) A statement that the closing agent has the authority, pursuant to a designation of authority if the closing agent is a title insurance agent, to execute and record a certificate of satisfaction of the security interest unless within sixty days after notification:

(i) The secured creditor records a deed of reconveyance or a release or satisfaction of a security interest;

(ii) The closing agent receives from the secured creditor a notification stating that the secured obligation remains unsatisfied; or

(iii) The closing agent receives from the secured creditor a notification stating that the secured creditor has assigned the security instrument and identifying the name and address of the assignee; and

(e) A statement that the secured creditor will be subject to liability under section 76-252 or 76-1014.01 or the Nebraska Security Instrument Satisfaction Act.

(2) The following statutory notification, when reproduced and used in the identical words or in substantially the same or a more similar than dissimilar form, shall satisfy the requirements of subsection (1) of this section:

LENDER PAYOFF/SATISFACTION NOTIFICATION

This notification is given pursuant to the Nebraska Security Instrument Satisfaction Act by the below-named closing agent with regard to the payoff and release or satisfaction of the lien of a security instrument in which you are named the secured creditor.

(a) The closing agent is ......................... . The mailing address of the closing agent is ....................... .

(b) The security instrument that is the subject of this notification was entered into on ............ by ......................, as mortgagor/trustor(s); to ......................., as trustee, and ......................, as beneficiary or ........................, as mortgagee, recorded on ............ in book ......., page(s) .............. or as Inst. No. ........... of the mortgage records of .......................... County, Nebraska, against the following described real estate: ................................. .

(c) The closing agent has reasonable grounds to believe that:

(i) The real property described in the security instrument is residential real property;

(ii) The person to whom this notification is being given is the secured creditor; and

(iii) Full payment or performance of the secured obligation has been made in accordance with a payoff statement furnished by the secured creditor prior to or contemporaneous with the giving of this notification.

(d) The closing agent has authority, pursuant to a designation of authority if the closing agent is a title insurance agent, to execute and record a certificate of satisfaction of the security interest unless within sixty days after notification:

(i) The secured creditor records a deed of reconveyance or a release or satisfaction of the security interest;

(ii) The closing agent is notified by the secured creditor that the secured obligation remains unsatisfied; or

(iii) The closing agent receives from the secured creditor a notification stating that the secured creditor has assigned the security interest and identifying the name and address of the assignee.

(e) This notification shall constitute a written request for a deed of reconveyance of a trust deed or release or satisfaction of a mortgage pursuant to sections 76-252 and 76-1014.01. These statutes provide for liability on the part of a mortgagee or beneficiary who fails to deliver such deed of reconveyance of a trust deed or release or satisfaction of a mortgage within sixty days following such written request. Liability shall be five thousand dollars or actual damages resulting from such failure, whichever is greater, together with court costs to include reasonable attorney's fees.

Dated: ..........., by ........................., Closing Agent.