76-2803 Secured creditor; record deed of reconveyance or release or satisfaction of security interest; failure to act; liability. - Nebraska Statutes

76-2803. Secured creditor; record deed of reconveyance or release or satisfaction of security interest; failure to act; liability.(1) A secured creditor shall, after the secured creditor receives full payment or performance of the secured obligation, record a deed of reconveyance or a release or satisfaction of a security interest in the real property records of each county in which the security instrument is recorded. If a security instrument secures a line of credit or future advances, the secured obligation is fully paid or performed if, in addition to full payment or performance, the secured creditor has received a notification requesting the creditor to terminate the line of credit or containing a statement sufficient to terminate the effectiveness of the provision for future advances as provided under section 76-238.01 or 76-1002.(2) In addition to any other remedy provided by law, a secured creditor who fails to record a deed of reconveyance or a release or satisfaction of a security interest within sixty days after receiving full payment or performance of the secured obligation is liable to the landowner or purchaser for actual damages in the amount of any loss caused by the failure, including reasonable attorney's fees and costs. The provisions of this subsection do not apply if the secured creditor received full payment or performance before July 18, 2008.(3) A secured creditor is not liable under this section if the secured creditor (a) established a reasonable procedure to achieve compliance with its obligations under this section, (b) complied with that procedure in good faith, and (c) was unable to comply with its obligations due to circumstances beyond its control. SourceLaws 2008, LB386, § 3.Effective Date: July 18, 2008