When any such mortgage so filed shall be fully satisfied, the mortgagee shall note such satisfaction on the margin of the copy on file or declare the mortgage to be satisfied in a separate instrument in writing to be filed as provided in Section 30-11-40 under a penalty of five hundred dollars to be recovered in any court of competent jurisdiction at the suit of the mortgagor, his assignees or any other party aggrieved thereby.
HISTORY: 1962 Code Section 60-255.1; 1952 Code Section 60-255.1; 1942 Code Section 3108; 1932 Code Section 3108; Civ. C. '22 Section 791; Civ. C. '12 Section 707; Civ. C. '02 Section 636; 1920 (31) 989.