Instrument of satisfaction.

When the judgment is paid in full, the mortgagee shall file with the clerk a satisfaction of judgment which shall release the mortgage underlying the action. A mortgagee who fails to file a satisfaction within thirty days of receiving a written request shall be subject to reasonable damages and a penalty of five hundred dollars plus reasonable attorney fees incurred by the aggrieved party, to be recovered in an action for the satisfaction by the party aggrieved. [C73, §3328; C97, §4296; C24, 27, 31, 35, 39, § 12388; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §655.5 ] 85 Acts, ch 159, §11 ; 90 Acts, ch 1081, §6 ; 2006 Acts, ch 1129, §14 ; 2006 Acts, ch 1132, §12, 16 ; 2007 Acts, ch 85, §1 ; 2018 Acts, ch 1036, §4