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This entry was published on 2014-09-22
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SECTION 47-D
Cancellation of assignment
Personal Property (PEP) CHAPTER 41, ARTICLE 3-A
§ 47-d. Cancellation of assignment. Upon the payment or satisfaction
of the indebtedness, and upon written demand delivered personally or by
registered mail by the assignor, the assignee shall execute and
acknowledge or prove, and deliver to the assignor a certificate setting
forth that the indebtedness has been paid or otherwise satisfied and
discharged. Such certificate must recite the date of the assignment, the
names of the parties thereto, the amount of the original indebtedness,
the filing number, the date of filing thereof, including every
assignment of said assignment, if any, specifying in the recital of each
assignment the date thereof, the names of the parties thereto, the
filing date and the serial number thereof.

If for ten days after such demand the assignee fails to mail or
deliver such a statement of satisfaction, he shall forfeit to the
assignor five dollars, and be liable for all damages suffered. Upon
presentation of such statement of satisfaction the filing officer shall
file the same and note the cancellation of the assignment and the date
thereof on the margin of the page where the assignment has been entered.