(a) If, for 30 days after such request, the mortgagee or assignee or transferee, trustee or cestui que trust, fails to make any entry required by this article he forfeits to the party making the request $200.00 unless there is pending, or there is instituted, an action within that time, in which the fact of partial payment or satisfaction is or may be contested. In construing this article, the right of action given herein shall be considered as a personal right, and shall not be lost or waived by a sale of the property covered by the mortgage or deed of trust before a demand was made for the satisfaction to be entered upon the record.
Terms Used In Alabama Code 35-10-30
Deed: The legal instrument used to transfer title in real property from one person to another.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgagee: The person to whom property is mortgaged and who has loaned the money.
property: includes both real and personal property. See Alabama Code 1-1-1
Trustee: A person or institution holding and administering property in trust.
(b) All actions for the recovery of the penalties mentioned in this article shall be brought in the county where such mortgage or other instrument is recorded.(c) This section does not apply to satisfactions of residential mortgages which are governed by the Alabama Residential Mortgage Satisfaction Act.
