Title 28, Property
25 chapters · 359 sections in this title.
28 V.I.C. § 141 Short title
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This chapter may be cited as the Uniform Residential Mortgage Satisfaction Act.
28 V.I.C. § 141a Definitions
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(a) In this chapter:(a) “Address for giving a notification” means, for the purpose of a particular type of notification, the most recent address provided in a document by the intended recipient of the notification to the person giving the notification, unless the person giving th…
28 V.I.C. § 141b Notification: manner of giving and effective date
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(a) A person gives a notification by:(1) depositing it with the United States Postal Service with first-class postage paid or with a commercially reasonable delivery service with cost of delivery provided, properly addressed to the recipient’s address for giving a notification;(2…
28 V.I.C. § 141c Document of rescission: effect; liability for wrongful recording
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(a) In this section, “document of rescission” means a document stating that an identified satisfaction or affidavit of satisfaction of a security instrument was recorded erroneously, the secured obligation remains unsatisfied, and the security instrument remains in force. (b) If …
28 V.I.C. § 142 Payoff statement: request and content
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(a) An entitled person, or an agent authorized by an entitled person to request a payoff statement, may give to the secured creditor a notification requesting a payoff statement for a specified payoff date not more than thirty (30) days after the notification is given. The notifi…
28 V.I.C. § 142a Understated payoff statement: correction; effect
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(a) If a secured creditor determines that the payoff amount it provided in a payoff statement was understated, the creditor may send a corrected payoff statement. If the entitled person or the person’s authorized agent receives and has a reasonable opportunity to act upon a corre…
28 V.I.C. § 142b Secured creditor to submit satisfaction for recording; liability for failure
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(a) A secured creditor shall submit for recording a satisfaction of a security instrument within thirty (30) days after the creditor receives full payment or performance of the secured obligation and shall send a copy of the recorded satisfaction of a security instrument to the l…
28 V.I.C. § 142c Limitation of secured creditor’s liability
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(1) A secured creditor is not liable under this chapter if it:(1) established a reasonable procedure to achieve compliance with its obligations under this chapter;(2) complied with that procedure in good faith; and(3) was unable to comply with its obligations because of circumsta…
28 V.I.C. § 143 Definition; eligibility to serve as satisfaction agent; regulation of satisfaction agents
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(a) In this article, “title insurance company” means an organization authorized to conduct the business of insuring titles to real property in this state. (b) The following may serve as a satisfaction agent under this article:(1) a title insurance company, acting directly or thro…
28 V.I.C. § 143a Affidavit of satisfaction: notification to secured creditor
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(a) If a secured creditor has not submitted for recording a satisfaction of a security instrument within the period specified in section 142b(a), a satisfaction agent acting for and with authority from the landowner may give the secured creditor a notification that the satisfacti…
28 V.I.C. § 143b Affidavit of satisfaction: authorization to submit for recording
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(a) Subject to subsections (b) and (c), a satisfaction agent may sign and submit for recording an affidavit of satisfaction of a security instrument complying with section 143c if:(1) the secured creditor has not, to the knowledge of the satisfaction agent, submitted for recordin…
28 V.I.C. § 143c Affidavit of satisfaction: content
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(1) An affidavit of satisfaction of a security instrument must:(1) identify the original parties to the security instrument, the secured creditor, the recording data for the security instrument, and, if necessary for proper indexing of the affidavit, a legal description of the re…
28 V.I.C. § 143d Affidavit of satisfaction: form
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No particular phrasing of an affidavit of satisfaction is required. The following form of affidavit, when properly completed, is sufficient to satisfy the requirements of section 143c(a). _____________________________________. (Date of Affidavit) AFFIDAVIT OF SATISFACTION 1. The …
28 V.I.C. § 143e Affidavit of satisfaction: effect
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(a) Upon recording, an affidavit substantially complying with the requirements of section 143c constitutes a satisfaction of the security instrument described in the affidavit. (b) The recording of an affidavit of satisfaction of a security instrument does not by itself extinguis…
28 V.I.C. § 143f Liability of satisfaction agent
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(a) Except as otherwise provided in subsection (b), a satisfaction agent that records an affidavit of satisfaction of a security instrument erroneously or with knowledge that the statements contained in the affidavit are false is liable to the secured creditor for any actual dama…
28 V.I.C. § 144 Uniformity of application and construction
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In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
28 V.I.C. § 144a Relation to Electronic Signatures in Global and National Commerce Act
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This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7001 et seq.) but does not modify, limit, or supersede section 101(c) of that act (15 U.S.C. § 7001(c)) or authorize electronic delivery of any of the …