1999 Minnesota Statutes

     47.208 Delivery of satisfaction of mortgage. 

    Subdivision 1.    Delivery required.  Upon written 
 request, a good and valid satisfaction of mortgage in recordable 
 form shall be delivered to any party paying the full and final 
 balance of a mortgage indebtedness that is secured by Minnesota 
 real estate; such delivery shall be in hand or by certified mail 
 postmarked within 45 days of the receipt of the written request 
 to the holder of any interest of record in said mortgage and 
 within 45 days of the payment of all sums due thereon. 

    Subd. 2.    Penalty.  If a lender fails to comply with 
 the requirements of subdivision 1, the lender may be held liable 
 to the party paying the balance of the mortgage debt, for a 
 civil penalty of up to $500, in addition to any actual damages 
 caused by the violation. 

    HIST: 1987 c 336 s 6