Nebraska Statutes 45-1040. Repayment of loan; licensee; duties
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Upon repayment of the loan in full, the licensee shall mark plainly every obligation or copy of the obligation and security or copy of the security signed by any obligor with the word Paid or Canceled and shall release any mortgage, trust deed, or lien, restore any pledge, and cancel and return any note or copy of the note and any assignment or copy of the assignment given to the licensee. For purposes of this section, a copy shall meet the requirements of section 25-12,112.
Source
- Laws 1943, c. 107, § 7, p. 374;
- R.S.1943, § 45-156;
- Laws 1994, LB 979, § 10;
- Laws 1994, LB 980, § 2;
- R.S.1943, (1998), § 45-156;
- Laws 2001, LB 53, § 68.
Terms Used In Nebraska Statutes 45-1040
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.