AB371,14,2119 1. The secured creditor has not, to the knowledge of the satisfaction agent,
20submitted for recording a satisfaction of a security instrument within 30 days after
21the effective date of a notification complying with sub. (8) (b).
AB371,14,2222 2. The secured creditor authorizes the satisfaction agent to do so.
AB371,15,223 (am) An affidavit of satisfaction is signed by the satisfaction agent only if it is
24signed by 2 persons who are employees of, and who have been authorized by, the title

1insurance company to sign an affidavit of satisfaction on behalf of the title insurance
2company acting as satisfaction agent.
AB371,15,83 (b) A satisfaction agent may not sign and submit for recording an affidavit of
4satisfaction of a security instrument if it has received a notification under sub. (8)
5(b) 4. b. stating that the secured obligation remains unsatisfied, unless the
6satisfaction agent has reasonable grounds to believe that the person who paid the
7payoff amount reasonably and detrimentally relied upon an understated payoff
8amount.
AB371,15,129 (c) If a satisfaction agent receives a notification under sub. (8) (b) 4. c. stating
10that the security instrument has been assigned, the satisfaction agent may not
11submit for recording an affidavit of satisfaction of the security instrument without
12doing both of the following:
AB371,15,1413 1. Giving a notification of intent to submit for recording an affidavit of
14satisfaction to the identified assignee at the identified address.
AB371,15,1515 2. Complying with sub. (8) with respect to the identified assignee.
AB371,15,2016 (d) A satisfaction agent may submit for recording an affidavit of satisfaction
17that complies with this section even if full payment or performance of the secured
18obligation or payment as provided in a payoff statement under sub. (3) or a corrected
19payoff statement under sub. (4) was made before the effective date of this paragraph
20.... [LRB inserts date].
AB371,15,2421 (e) The satisfaction agent may charge a reasonable, one-time fee per real
22property transaction for sending the notification under sub. (8) and preparing and
23executing the affidavit of satisfaction. A fee charged by a satisfaction agent under
24this paragraph that does not exceed $75 is conclusively presumed to be reasonable.
AB371,16,2
1(10) Content of affidavit of satisfaction. An affidavit of satisfaction of a
2security instrument against residential real property must do all of the following:
AB371,16,63 (a) Identify the original parties to the security instrument, the secured creditor,
4the recording data for the security instrument, and, if necessary for proper indexing
5of the affidavit, a legal description of the real property identified in the security
6instrument.
AB371,16,87 (b) State the basis upon which the entity on whose behalf the affidavit is signed
8is a satisfaction agent.
AB371,16,119 (c) State that the persons signing the affidavit have reasonable grounds to
10believe that the real property described in the security instrument is residential real
11property.
AB371,16,1312 (d) State that the persons signing the affidavit have reasonable grounds to
13believe that the secured creditor has received either of the following:
AB371,16,1414 1. Full payment or performance of the secured obligation.
AB371,16,1615 2. Payment as provided in a payoff statement under sub. (3) or a corrected
16payoff statement under sub. (4).
AB371,16,2017 (e) State that the entity on whose behalf the affidavit is signed, acting with the
18authority of the owner of the real property described in the security instrument, gave
19notification to the secured creditor of its authorization to sign and submit for
20recording an affidavit of satisfaction.
AB371,16,2121 (f) State either of the following:
AB371,16,2322 1. That the secured creditor authorized the entity on whose behalf the affidavit
23is signed to sign and record an affidavit of satisfaction.
AB371,17,224 2. That more than 30 days have elapsed since the effective date of the
25notification, and the persons signing the affidavit have no knowledge that the

1secured creditor has submitted a satisfaction of the security instrument for recording
2and either of the following apply:
AB371,17,43 a. The persons signing the affidavit have not received a notification that the
4secured obligation remains unsatisfied.
AB371,17,85 b. The persons signing the affidavit have received a notification that the
6secured obligation remains unsatisfied, but the persons signing the affidavit have
7reasonable grounds to believe that the person who paid the payoff amount
8reasonably and detrimentally relied upon an understated payoff amount.
AB371,17,109 (g) Be signed by the satisfaction agent, as provided in par. (am), and contain
10a form of authentication authorized by s. 706.06 or 706.07.
AB371,17,15 11(11) Effect of affidavit of satisfaction. (a) An affidavit of satisfaction of a
12security instrument against residential real property that complies with the
13requirements of sub. (10) shall be entitled to record in accordance with s. 706.05 in
14the office of the register of deeds of the county in which the security instrument is
15recorded.
AB371,17,1816 (b) Upon recording, an affidavit substantially complying with the
17requirements of sub. (10) constitutes a satisfaction of the security instrument
18described in the affidavit.
AB371,17,2119 (c) The recording of an affidavit of satisfaction of a security instrument does not
20by itself extinguish any liability of a person for payment or performance of the
21secured obligation.
AB371,17,24 22(12) Liability of satisfaction agent. (a) A satisfaction agent that records an
23affidavit of satisfaction of a security instrument erroneously is not liable to the
24secured creditor if the satisfaction agent properly complied with this section.
AB371,18,5
1(b) A satisfaction agent that records an affidavit of satisfaction of a security
2instrument with knowledge that the statements contained in the affidavit are false
3is liable to the secured creditor for any actual damages caused by the recording and
4reasonable attorney fees and costs. Nothing in this paragraph precludes any of the
5following:
AB371,18,66 1. A court from awarding punitive damages on account of the conduct.
AB371,18,87 2. The secured creditor from proceeding against the satisfaction agent under
8the law of this state other than this section.
AB371,18,99 3. The enforcement of any criminal statute prohibiting the conduct.
AB371,18,14 10(13) Document of rescission: effect; liability for wrongful recording. (a)
11In this subsection, "document of rescission" means a document stating that an
12identified satisfaction or affidavit of satisfaction of a security instrument was
13recorded erroneously, the secured obligation remains unsatisfied, and the security
14instrument remains in force.
AB371,18,1815 (b) If a person records a satisfaction or affidavit of satisfaction of a security
16instrument in error, the person may execute and record a document of rescission.
17Upon recording, the document rescinds an erroneously recorded satisfaction or
18affidavit.
AB371,18,2019 (c) A recorded document of rescission has no effect on the rights of any of the
20following persons:
AB371,18,2321 1. A person that acquired an interest in the real property described in a security
22instrument after the recording of the satisfaction or affidavit of satisfaction of the
23security instrument and before the recording of the document of rescission.
AB371,18,2524 2. A person that would otherwise have priority over or take free of the lien
25created by the security instrument.
AB371,19,3
1(d) A person that erroneously or wrongfully records a document of rescission
2is liable to any person injured thereby for the actual damages caused by the recording
3and reasonable attorney fees and costs.
AB371,19,5 4(14) Right of action not affected. Nothing in this section affects a person's
5right to bring an action under s. 847.09.
AB371,6 6Section 6. Initial applicability.
AB371,19,87 (1) Notification. The treatment of section 708.15 (2) of the statutes first
8applies to notifications given on the effective date of this subsection.
AB371,19,119 (2) Payoff statement. The treatment of section 708.15 (3) and (4) of the statutes
10first applies to notifications requesting payoff statements, and payoff statements
11that are requested, on the effective date of this subsection.
AB371,19,1212 (3) Affidavit of satisfaction.
AB371,19,1513 (a) The treatment of section 708.15 (8) of the statutes first applies to
14notifications regarding affidavits of satisfaction that are given on the effective date
15of this paragraph.
AB371,19,1816 (b) The treatment of section 708.15 (9), (10), (11), and (12) of the statutes first
17applies to affidavits of satisfaction that are recorded on the effective date of this
18paragraph.
AB371,19,2119 (4) Document of rescission. The treatment of section 708.15 (13) of the
20statutes first applies to documents of rescission that are recorded on the effective
21date of this subsection.
AB371,19,2222 (End)
Loading...
Loading...