Act No. 8396 (33rd Legislature) — An Act amending title 28 Virgin Islands Code by adding chapter 7B to fully adopt and enact the Uniform Residential Mortgage Satisfaction Act
ACTNO. 8396 BILL NO. 33-0232 THIRTY-THIRD LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2020 An Act amending title 28 Virgin Islands Code by adding chapter 7B to fully adopt and enact the Uniform Residential Mortgage Satisfaction Act (URMSA); and amending title 28, chapter 26, section 799(b) relating to the annual report of finance lenders to require that the report include the total number of satisfaction of security instruments recorded with the Recorder of Deeds ---0--- WHEREAS, many jurisdictions have mortgage satisfaction laws created when mortgage lending was essentially a local transaction, even though today the secondary market and securitization have transformed residential mortgage lending into a national practice; WHEREAS, complete payment of a mortgage loan typically extinguishes (or “satisfies’”) the lien of the mortgage, however, if the lender does not place evidence of that satisfaction on the public land records, the continued presence of the mortgage on the records creates a practical problem for the owner of the land described in the mortgage; WHEREAS, tradition …
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