Chapter 708

708.15(8)(b)4.b. b. The satisfaction agent receives from the secured creditor a notification stating that the secured obligation remains unsatisfied, except that the satisfaction agent may submit for recording an affidavit of satisfaction even if the satisfaction agent receives a notification that the secured obligation remains unsatisfied if the satisfaction agent has reasonable grounds to believe that the person who paid the payoff amount reasonably and detrimentally relied upon an understated payoff amount.

708.15(8)(b)4.c. c. The satisfaction agent receives from the secured creditor a notification stating that the secured creditor has assigned the security instrument and identifying the name and address of the assignee.

708.15(8)(c) (c)

708.15(8)(c)1. 1. A notification under par. (b) may be sent by a method authorized by and to the address specified in sub. (2); alternatively, a notification under par. (b) may be sent by a method authorized in sub. (2) to the electronic or other address provided by the secured creditor on a payoff statement under sub. (3) (d) 3., if different from the address specified in sub. (2).

708.15(8)(c)2. 2. A notification under par. (b) may be sent along with a notification, if any, to terminate a line of credit or future advances as provided in sub. (5) (a).

708.15(8)(d) (d) The satisfaction agent is presumed to be acting for, and with authority from, the entitled person if the satisfaction agent, directly or through an agent, assisted in completing full payment or performance of the secured obligation or payment as provided in a payoff statement under sub. (3) or a corrected payoff statement under sub. (4).

708.15(8)(e) (e) Nothing in this section requires a person to agree to serve as a satisfaction agent.

708.15(9) (9) Authorization to submit affidavit of satisfaction for recording; fees.

708.15(9)(a) (a) Subject to pars. (am), (b), and (c), a satisfaction agent may sign and submit for recording an affidavit of satisfaction of a security instrument against residential real property that complies with sub. (10) if either of the following applies:

708.15(9)(a)1. 1. The secured creditor has not, to the knowledge of the satisfaction agent, submitted for recording a satisfaction of a security instrument within 30 days after the effective date of a notification complying with sub. (8) (b).

708.15(9)(a)2. 2. The secured creditor authorizes the satisfaction agent to do so.

708.15(9)(am) (am) An affidavit of satisfaction is signed by the satisfaction agent only if it is signed by 2 persons who are employees of, and who have been authorized by, the title insurance company to sign an affidavit of satisfaction on behalf of the title insurance company acting as satisfaction agent.

708.15(9)(b) (b) A satisfaction agent may not sign and submit for recording an affidavit of satisfaction of a security instrument if it has received a notification under sub. (8) (b) 4. b. stating that the secured obligation remains unsatisfied, unless the satisfaction agent has reasonable grounds to believe that the person who paid the payoff amount reasonably and detrimentally relied upon an understated payoff amount.

708.15(9)(c) (c) If a satisfaction agent receives a notification under sub. (8) (b) 4. c. stating that the security instrument has been assigned, the satisfaction agent may not submit for recording an affidavit of satisfaction of the security instrument without doing both of the following:

708.15(9)(c)1. 1. Giving a notification of intent to submit for recording an affidavit of satisfaction to the identified assignee at the identified address.

708.15(9)(c)2. 2. Complying with sub. (8) with respect to the identified assignee.

708.15(9)(d) (d) A satisfaction agent may submit for recording an affidavit of satisfaction that complies with this section even if full payment or performance of the secured obligation or payment as provided in a payoff statement under sub. (3) or a corrected payoff statement under sub. (4) was made before December 14, 2013.

708.15(9)(e) (e) The satisfaction agent may charge a reasonable, one-time fee per real property transaction for sending the notification under sub. (8) and preparing and executing the affidavit of satisfaction. A fee charged by a satisfaction agent under this paragraph that does not exceed $75 is conclusively presumed to be reasonable.

708.15(10) (10) Content of affidavit of satisfaction. An affidavit of satisfaction of a security instrument against residential real property must do all of the following:

708.15(10)(a) (a) 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 real property identified in the security instrument.

708.15(10)(b) (b) State the basis upon which the entity on whose behalf the affidavit is signed is a satisfaction agent.

708.15(10)(c) (c) State that the persons signing the affidavit have reasonable grounds to believe that the real property described in the security instrument is residential real property.

708.15(10)(d) (d) State that the persons signing the affidavit have reasonable grounds to believe that the secured creditor has received either of the following:

708.15(10)(d)1. 1. Full payment or performance of the secured obligation.

708.15(10)(d)2. 2. Payment as provided in a payoff statement under sub. (3) or a corrected payoff statement under sub. (4).

708.15(10)(e) (e) State that the entity on whose behalf the affidavit is signed, acting with the authority of the owner of the real property described in the security instrument, gave notification to the secured creditor of its authorization to sign and submit for recording an affidavit of satisfaction.

708.15(10)(f) (f) State either of the following:

708.15(10)(f)1. 1. That the secured creditor authorized the entity on whose behalf the affidavit is signed to sign and record an affidavit of satisfaction.

708.15(10)(f)2. 2. That more than 30 days have elapsed since the effective date of the notification, and the persons signing the affidavit have no knowledge that the secured creditor has submitted a satisfaction of the security instrument for recording and either of the following apply:

708.15(10)(f)2.a. a. The persons signing the affidavit have not received a notification that the secured obligation remains unsatisfied.

708.15(10)(f)2.b. b. The persons signing the affidavit have received a notification that the secured obligation remains unsatisfied, but the persons signing the affidavit have reasonable grounds to believe that the person who paid the payoff amount reasonably and detrimentally relied upon an understated payoff amount.

708.15(10)(g) (g) Be signed by the satisfaction agent, as provided in sub. (9) (am), and contain a form of authentication authorized by s. 706.06 or ch. 140.

708.15(11) (11) Effect of affidavit of satisfaction.

708.15(11)(a) (a) An affidavit of satisfaction of a security instrument against residential real property that complies with the requirements of sub. (10) shall be entitled to record in accordance with s. 706.05 in the office of the register of deeds of the county in which the security instrument is recorded.

708.15(11)(b) (b) Upon recording, an affidavit substantially complying with the requirements of sub. (10) constitutes a satisfaction of the security instrument described in the affidavit.

708.15(11)(c) (c) The recording of an affidavit of satisfaction of a security instrument does not by itself extinguish any liability of a person for payment or performance of the secured obligation.

708.15(12) (12) Liability of satisfaction agent.

708.15(12)(a) (a) A satisfaction agent that records an affidavit of satisfaction of a security instrument erroneously is not liable to the secured creditor if the satisfaction agent properly complied with this section.

708.15(12)(b) (b) A satisfaction agent that records an affidavit of satisfaction of a security instrument with knowledge that the statements contained in the affidavit are false is liable to the secured creditor for any actual damages caused by the recording and reasonable attorney fees and costs. Nothing in this paragraph precludes any of the following:

708.15(12)(b)1. 1. A court from awarding punitive damages on account of the conduct.

708.15(12)(b)2. 2. The secured creditor from proceeding against the satisfaction agent under the law of this state other than this section.

708.15(12)(b)3. 3. The enforcement of any criminal statute prohibiting the conduct.

708.15(13) (13) Document of rescission: effect; liability for wrongful recording.

708.15(13)(a) (a) In this subsection, “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.

708.15(13)(b) (b) If a person records a satisfaction or affidavit of satisfaction of a security instrument in error, the person may execute and record a document of rescission. Upon recording, the document rescinds an erroneously recorded satisfaction or affidavit.

708.15(13)(c) (c) A recorded document of rescission has no effect on the rights of any of the following persons:

708.15(13)(c)1. 1. A person that acquired an interest in the real property described in a security instrument after the recording of the satisfaction or affidavit of satisfaction of the security instrument and before the recording of the document of rescission.

708.15(13)(c)2. 2. A person that would otherwise have priority over or take free of the lien created by the security instrument.

708.15(13)(d) (d) A person that erroneously or wrongfully records a document of rescission is liable to any person injured thereby for the actual damages caused by the recording and reasonable attorney fees and costs.

708.15(14) (14) Right of action not affected. Nothing in this section affects a person’s right to bring an action under s. 847.09.

708.15 History History: 2013 a. 66, 151; 2017 a. 102, 332; 2019 a. 125.