71-1-307. Reconveyance upon performance -- liability for failure to reconvey. (1) Upon performance of the obligation secured by the trust indenture, the trustee, upon written request of the beneficiary or servicer, shall reconvey the interest in real property described in the trust indenture to the grantor. If the obligation is performed and the beneficiary or servicer refuses to request reconveyance or the trustee refuses to reconvey the property within 90 days of the request, the beneficiary, servicer, or trustee who refuses is liable to the grantor for the sum of $500 and all actual damages resulting from the refusal to reconvey.
(2) If a beneficiary or servicer has received a notice of intent to reconvey pursuant to 71-1-308 and has not timely requested a reconveyance or has not objected to the reconveyance within the 90-day period established in 71-1-308, the beneficiary or servicer is liable to the title insurer or title insurance producer for the sum of $500 and all damages resulting from the failure.
(3) In an action by a grantor, title insurer, or title insurance producer to collect any sums due under this section, the court shall award attorney fees and costs to the prevailing party.
History: En. Sec. 6, Ch. 177, L. 1963; R.C.M. 1947, 52-406; amd. Sec. 5, Ch. 413, L. 2005.
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