2017 Nebraska Revised Statutes
Chapter 76 - REAL PROPERTY
76-252 Release of mortgage; required; when; failure to deliver; effect; damages.
76-252. Release of mortgage; required; when; failure to deliver; effect; damages.
When the obligation secured by any mortgage has been satisfied, the mortgagee shall, upon receipt of a written request by the mortgagor or the mortgagor's successor in interest or designated representative or by a holder of a junior trust deed or junior mortgage, execute and deliver a release of mortgage in recordable form to the mortgagor or mortgagor's successor in interest or designated representative, as directed in the written request.
Any mortgagee who fails to deliver such a release within sixty days after receipt of such written request shall be liable to the mortgagor or the mortgagor's successor in interest, as the case may be, for five thousand dollars or actual damages resulting from the failure, whichever is greater. In any action against the mortgagee pursuant to this section, the court shall award, in addition to the foregoing amounts, court costs, including reasonable attorney's fees, and may further order the mortgagee to execute a release. Successor in interest of the mortgagor shall include the current owner of the property and shall also include the person issuing a payoff check in accordance with the terms of a payoff letter from a mortgagee.
Source
- Laws 1994, LB 1275, § 5;
- Laws 1995, LB 396, § 2;
- Laws 2002, LB 957, § 30;
- Laws 2003, LB 218, § 18.
