PRINTER'S NO. 2171
No. 1748 Session of 1997
INTRODUCED BY DeLUCA, M. COHEN, READSHAW, MUNDY, GORDNER AND YOUNGBLOOD, SEPTEMBER 4, 1997
REFERRED TO COMMITTEE ON COMMERCE AND ECONOMIC DEVELOPMENT, SEPTEMBER 4, 1997
AN ACT 1 Amending the act of May 28, 1715 (1 Sm.L.94, Ch.208), entitled 2 "An act for acknowledging and recording of deeds," further 3 providing for satisfaction of mortgages. 4 The General Assembly of the Commonwealth of Pennsylvania 5 hereby enacts as follows: 6 Section 1. Section IX of the act of May 28, 1715 (1 Sm.L.94, 7 Ch.208), entitled "An act for acknowledging and recording of 8 deeds," amended October 28, 1983 (P.L.194, No.52), is amended to 9 read: 10 IX. And be it further enacted, That any mortgagee of any 11 real or personal estates in the Commonwealth, having received 12 full satisfaction and payment of all such sum and sums of money 13 as are really due to him by such mortgage, shall, [at the 14 request of the mortgagor] within thirty days of receipt of all 15 payments due, enter satisfaction either upon the margin of the 16 record of such mortgage recorded in the said office or by means 17 of a satisfaction piece filed in the office where the mortgage 18 is recorded, which shall for ever thereafter discharge, defeat
1 and release the same; and shall likewise bar all actions 2 brought, or to be brought thereupon. 3 Section 2. This act shall take effect immediately. G10L68JLW/19970H1748B2171 - 2 -