443.130. Liability for failing to satisfy--demand by certified mail required. - Missouri Statutes

Liability for failing to satisfy--demand by certified mail required.

443.130. 1. If the secured party, receiving satisfaction for thedebt secured pursuant to this chapter, does not, within forty-five daysafter request and tender of costs, submit for recording a sufficient deedof release, such secured party shall be liable to the mortgagor for thelesser of an amount of three hundred dollars a day for each day, after theforty-fifth day, that the secured party fails to submit for recording asufficient deed of release or ten percent of the amount of the securityinstrument, plus court costs and attorney fees to be recovered in any courtof competent jurisdiction. In the event a document submitted for recordingby a secured party is rejected for recording for any reason, such securedparty shall have sixty days following receipt of notice that the documenthas been rejected in which to submit a recordable and sufficient deed ofrelease.

2. To qualify under this section, the mortgagor or his or her agentshall provide the request in the form of a demand letter to the securedparty by certified mail, return receipt requested or in another form thatprovides evidence of the date of receipt to the mortgagor. The lettershall include good and sufficient evidence that the debt secured by thedeed of trust was satisfied with good funds, and the expense of filing andrecording the release was advanced.

3. In any action against such person who fails to release the lien asprovided in subsections 1 and 2 of this section, the plaintiff, or his orher attorney, shall prove at trial that the plaintiff notified the holderof the note by certified mail, return receipt requested, or as otherwisepermitted by subsection 2 of this section.

(RSMo 1939 § 3472, A.L. 1994 H.B. 1312, A.L. 1996 H.B. 1432, A.L. 2004 H.B. 959)

Prior revisions: 1929 § 3085; 1919 § 2244; 1909 § 2850

(1996) Cost means the recorder of deeds' fee for releasing the deed of trust. Murray v. Fleet Mortgage Corp., 936 S.W.2d 212 (Mo.App.E.D.).