44-3-8. Satisfaction of lien--Execution of discharge or release by holder--Damages for failure to execute and deliver satisfaction--Attorney fees--Additional penalty. Whenever any mortgage, pledge, or other lien of any kind has been satisfied either by payment, foreclosure, or other legal means, the holder of such lien shall, within thirty days of satisfaction, deliver a sworn satisfaction to the debtor. However, immediately upon satisfaction of a lien or at any time thereafter, if the owner of the property makes written demand on the lienholder, the lienholder shall, within ten days of receipt, execute and deliver to the debtor a sufficient sworn satisfaction to cancel the lien or any record thereof. If the lienholder fails to execute and deliver to the owner of the property a sworn satisfaction within ten days of receipt of a proper written demand, the owner of the property is entitled to recover from the person who failed to comply with the provisions of this section all damages that he or she may have sustained thereby, including attorney's fees and an additional penalty in the sum of one hundred dollars.
Source: SDC 1939, § 39.0118; SL 2003, ch 229, § 1.
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