PRINTER'S NO. 2837
No. 2228 Session of 1995
INTRODUCED BY PISTELLA, ROBINSON, TRELLO, CORRIGAN, STABACK,
TIGUE, BELARDI, GODSHALL AND M. COHEN, NOVEMBER 21, 1995
REFERRED TO COMMITTEE ON LOCAL GOVERNMENT, NOVEMBER 21, 1995
AN ACT
1 Amending the act of July 26, 1961 (P.L.887, No.382), entitled,
2 as amended, "An act relating to the satisfaction of mortgages
3 in counties of the second, second A, third, fourth, fifth,
4 sixth, seventh and eighth class by the recording of a
5 satisfaction piece, prescribing forms therefor, and fixing
6 fees for the recording thereof," further providing for the
7 satisfaction of mortgages.
8 The General Assembly of the Commonwealth of Pennsylvania
9 hereby enacts as follows:
10 Section 1. Section 3 of the act of July 26, 1961 (P.L.887,
11 No.382), entitled, as amended, "An act relating to the
12 satisfaction of mortgages in counties of the second, second A,
13 third, fourth, fifth, sixth, seventh and eighth class by the
14 recording of a satisfaction piece, prescribing forms therefor,
15 and fixing fees for the recording thereof," amended October 28,
16 1983 (P.L.193, No.51), is amended to read:
17 Section 3. Every satisfaction piece shall be in
18 substantially the form provided in section 4 of this act and
19 shall contain the names of the mortgagor, mortgagee and of the
20 last assignee of mortgagee, if any, the date and the original
1 principal amount of the mortgage, an accurate reference by book
2 and page (or other appropriate recording reference) to the place
3 where the mortgage and the last assignment thereof are recorded
4 or filed for recording, and a brief description of or a
5 statement of the location of the mortgaged real estate, and
6 shall be executed and acknowledged by or on behalf of the
7 mortgagee. [The satisfaction piece shall be accompanied, upon
8 presentation for recording, by the original or a certified copy
9 of the mortgage instrument.]
10 Section 2. This act shall take effect in 60 days.
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