2006 Louisiana Laws - RS 9:5167 — Cancellation of mortgage inscription upon presentation of note or affidavit; lost or destroyed note

§5167.  Cancellation of mortgage inscription upon presentation of note or affidavit; lost or destroyed note

A-D.  Repealed by Acts 2005, No. 169, §8, eff. July 1, 2006.

E.(1) When a promissory note secured by a mortgage on immovable property has been lost or destroyed after receipt by the notary public who satisfied the promissory note out of the proceeds of an act of sale or mortgage executed before him, the clerk of court or recorder of mortgages may cancel the mortgage upon receipt of an affidavit from the notary public.  The affidavit shall set forth:

(a)  A description of the promissory note and the property,

(b)  That the affiant did satisfy the promissory note,

(c)  That the affiant did receive the note marked "Paid in Full" from the last holder of the note,

(d)  That the note was lost or destroyed while in the affiant's custody, and

(e)  That the affiant agrees to hold harmless the clerk of court or recorder of mortgages for any loss or damage occasioned by his failure to produce the note.

(2)  In addition, the affidavit shall include a statement that the affiant has made a due and diligent search for the last holder, the last holder cannot be located, and one year has elapsed since recordation of the act of sale or mortgage giving rise to the affidavit of cancellation; or, shall be accompanied by an affidavit from the last holder stating that the promissory note marked "Paid in Full" was delivered to the notary public.

(3)  No mandamus proceeding is required to use the provisions of this Subsection.

(4)  The clerk of court or recorder of mortgages shall not be liable for any damages resulting to any person or entity as a consequence of cancelling a mortgage pursuant to an affidavit which complies with this Subsection.

Acts 1988, No. 986, §1; Acts 2005, No. 169, §8, eff. July 1, 2006; Acts 2005, 1st Ex. Sess., No. 13, §1, eff. Nov. 29, 2005.