71-3-704. Acknowledgment of satisfaction of lien -- penalty. (1) Whenever the indebtedness that is a lien upon grain or other crops is paid and satisfied, it is the duty of the lienor to acknowledge satisfaction of the lien and to discharge the lien of record. If any lienor fails to acknowledge satisfaction and discharge of the lien within 30 days after being requested to do so by a person having a property interest in the grain or other crops, the lienor is liable to any person injured by the failure in the amount of the injury and the costs of the action.
(2) A termination statement as described in 30-9A-513 must be filed with the secretary of state with the same obligations and penalties described in subsection (1).
History: En. Sec. 4, Ch. 15, Ex. L. 1918; re-en. Sec. 8362, R.C.M. 1921; re-en. Sec. 8362, R.C.M. 1935; amd. Sec. 11-123, Ch. 264, L. 1963; R.C.M. 1947, 45-704; amd. Sec. 6, Ch. 295, L. 1987; amd. Sec. 157, Ch. 305, L. 1999.