AB1100,12,1615
(c) This section does not require a person to agree to serve as a satisfaction
16agent.
AB1100,12,23
17(10) Affidavit of satisfaction; authorization to submit for recording. (a)
18Subject to pars. (b) and (c), a satisfaction agent may sign and submit for recording
19an affidavit of satisfaction of a security instrument complying with sub. (10) if the
20secured creditor has not, to the knowledge of the satisfaction agent, submitted for
21recording a satisfaction of a security instrument within 30 days after the effective
22date of a notification complying with sub. (9) (a) or the secured creditor authorizes
23the satisfaction agent to do so.
AB1100,13,3
1(b) A satisfaction agent may not sign and submit for recording an affidavit of
2satisfaction of a security instrument if it has received a notification under sub. (9)
3(a) 5. stating that the secured obligation remains unsatisfied.
AB1100,13,94
(c) If a satisfaction agent receives a notification under sub. (9) (a) 5. stating that
5the security instrument has been assigned, the satisfaction agent may not submit for
6recording an affidavit of satisfaction of the security instrument without giving a
7notification of intent to submit for recording an affidavit of satisfaction to the
8identified assignee at the identified address and complying with sub. (9) with respect
9to the identified assignee.
AB1100,13,11
10(11) Affidavit of satisfaction; content. An affidavit of satisfaction of a
11security instrument shall do all of the following:
AB1100,13,1512
(a) Identify the original parties to the security instrument, the secured creditor,
13the recording data for the security instrument, and, if necessary for proper indexing
14of the affidavit, a legal description of the real property identified in the security
15instrument.
AB1100,13,1716
(b) State the basis upon which the person signing the affidavit is a satisfaction
17agent.
AB1100,13,2018
(c) State that the person signing the affidavit has reasonable grounds to believe
19that the real property described in the security instrument is residential real
20property.
AB1100,13,2321
(d) State that the person signing the affidavit has reasonable grounds to believe
22that the secured creditor has received full payment or performance of the secured
23obligation.
AB1100,14,224
(e) State that the person signing the affidavit, acting with the authority of the
25owner of the real property described in the security instrument, gave notification to
1the secured creditor of its intention to sign and submit for recording an affidavit of
2satisfaction.
AB1100,14,43
(f) Describe the method by which the person signing the affidavit gave
4notification in compliance with this section.
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(g) State that more than 30 days have elapsed since the effective date of that
6notification, and the person signing the affidavit has no knowledge that the secured
7creditor has submitted a satisfaction for recording and has not received a notification
8that the secured obligation remains unsatisfied, or the secured creditor authorized
9the person signing the affidavit to sign and record an affidavit of satisfaction.
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(h) Be signed and acknowledged as required by law for a conveyance of an
11interest in real property.
AB1100,14,14
12(12) Affidavit of satisfaction; form. No particular phrasing of an affidavit of
13satisfaction is required. The following form of affidavit, when properly completed,
14is sufficient to satisfy the requirements of sub. (11):
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(Date of Affidavit)
AB1100,14,1717
Affidavit of Satisfaction
AB1100,14,1818
The undersigned hereby states as follows:
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1. I am: [check appropriate box]
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20⍽ an officer or a duly appointed agent of .... [Name of title insurance
21company] (the "Company"), which is authorized to transact the business of
22insuring titles to interests in real property in this state, and I have been
23authorized by the Company to sign and submit for recording an affidavit of
24satisfaction.
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25⍽ an attorney licensed to practice law in this state and in good standing.
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12. I am signing this Affidavit of Satisfaction to evidence full payment or
2performance of the obligations secured by real property covered by the following
3security instrument (the "security instrument") currently held by .... (the "secured
4creditor"):
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Title of security instrument:
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Original parties to security instrument:
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County and state of recording:
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Recording data for security instrument:
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[Legal description, if necessary for proper indexing:]
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3. I have reasonable grounds to believe that:
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a. the secured creditor has received full payment or performance of the
12balance of the obligations secured by the security instrument; and
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b. the real property described in the security instrument constitutes
14residential real property.
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4. With the authorization of the owner of the real property described in the
16security instrument, I gave notification to the secured creditor by .... [method
17authorized by section 706.054 (2) of the Wisconsin Statutes that provides proof of
18receipt] that I would sign and record an affidavit of satisfaction of the security
19instrument if, within 30 days after the effective date of the notification, the secured
20creditor did not submit a satisfaction of the security interest for recording or give
21notification that the secured obligation remains unsatisfied.
AB1100,15,2222
5. [check appropriate box]
AB1100,16,2
23⍽ The 30-day period identified in paragraph 4. has elapsed, I have no
24knowledge that the secured creditor has submitted a satisfaction for recording,
1and I have not received notification that the secured obligation remains
2unsatisfied.
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3⍽ The secured creditor responded to the notification in paragraph 4. by
4authorizing me to execute and record this affidavit of satisfaction.
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(Signature of Satisfaction Agent)
AB1100,16,88
(Notarization)
AB1100,16,11
9(13) Affidavit of satisfaction; effect. (a) Upon recording, an affidavit
10substantially complying with the requirements of sub. (11) constitutes a satisfaction
11of the security instrument described in the affidavit.
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(b) The recording of an affidavit of satisfaction of a security instrument does
13not by itself extinguish any liability of a person for payment or performance of the
14secured obligation.
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(c) The appropriate office of the register of deeds may not refuse to accept for
16recording an affidavit of satisfaction of a security instrument unless any of the
17following are true:
AB1100,16,1918
1. An amount equal to or greater than the applicable recording fees and taxes
19is not tendered.
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2. The affidavit is submitted by a method or in a medium not authorized by the
21office of the register of deeds.
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3. The affidavit is not signed by the satisfaction agent and acknowledged as
23required by law for a conveyance of an interest in real property.
AB1100,17,3
24(14) Liability of satisfaction agent. (a) Except as otherwise provided in par.
25(b), a satisfaction agent that records an affidavit of satisfaction of a security
1instrument erroneously or with knowledge that the statements contained in the
2affidavit are false is liable to the secured creditor for any actual damages caused by
3the recording and reasonable attorney's fees and costs.
AB1100,17,74
(b) A satisfaction agent that records an affidavit of satisfaction of a security
5instrument erroneously is not liable if the agent properly complied with sub. (9) to
6(12) and the secured creditor did not respond in a timely manner to the notification
7pursuant to sub. (9) (a) 5.
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(c) If a satisfaction agent records an affidavit of satisfaction of a security
9instrument with knowledge that the statements contained in the affidavit are false,
10this section does not preclude any of the following:
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1. A court from awarding punitive damages on account of the conduct.
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2. The secured creditor from proceeding against the satisfaction agent under
13law of this state other than this section.
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3. The enforcement of any criminal statute prohibiting the conduct.
AB1100,17,17
15(15) Relation to electronic signatures in global and national commerce act. 16This section supersedes
15 USC 7001 et seq. but does not supersede
15 USC 7001(c)
17or authorize electronic delivery of any of the notices described in
15 USC 7003(b).
AB1100,17,2019
(1) This act first applies to mortgages that are fully satisfied on the effective
20date of this subsection.
