CERTIFICATION OF ENROLLMENT

SUBSTITUTE HOUSE BILL 1435

Chapter 114, Laws of 2013

63rd Legislature
2013 Regular Session



DEEDS OF TRUST--RECONVEYANCES



EFFECTIVE DATE: 07/28/13

Passed by the House March 11, 2013
  Yeas 95   Nays 0

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


Passed by the Senate April 15, 2013
  Yeas 48   Nays 0


BRAD OWEN
________________________________________    
President of the Senate
 
CERTIFICATE

I, Barbara Baker, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1435 as passed by the House of Representatives and the Senate on the dates hereon set forth.


BARBARA BAKER
________________________________________    
Chief Clerk
Approved May 1, 2013, 2:18 p.m.








JAY INSLEE
________________________________________    
Governor of the State of Washington
 
FILED
May 1, 2013







Secretary of State
State of Washington


_____________________________________________ 

SUBSTITUTE HOUSE BILL 1435
_____________________________________________

Passed Legislature - 2013 Regular Session
State of Washington63rd Legislature2013 Regular Session

By House Judiciary (originally sponsored by Representatives Goodman and Nealey)

READ FIRST TIME 02/22/13.   



     AN ACT Relating to clarifying agency relationships in reconveyances of deeds of trust; and amending RCW 61.24.110.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 61.24.110 and 1998 c 295 s 13 are each amended to read as follows:
     (1) The trustee of record shall reconvey all or any part of the property encumbered by the deed of trust to the person entitled thereto on written request of the beneficiary, or upon satisfaction of the obligation secured and written request for reconveyance made by the beneficiary or the person entitled thereto.
     (2) If the beneficiary fails to request reconveyance within the sixty-day period specified under RCW 61.16.030 and has received payment as specified by the beneficiary's demand statement, a title insurance company or title insurance agent as licensed and qualified under chapter 48.29 RCW, a licensed escrow agent as defined in RCW 18.44.011, or an attorney admitted to practice law in this state, who has paid the demand in full from escrow, upon receipt of notice of the beneficiary's failure to request reconveyance, may, as agent for the person entitled to receive reconveyance, in writing, submit proof of satisfaction and request the trustee of record to reconvey the deed of trust.
     (3)(a) If the trustee of record is unable or unwilling to reconvey the deed of trust within one hundred twenty days following payment to the beneficiary as prescribed in the beneficiary's demand statement, a title insurance company or title insurance agent as licensed and qualified under chapter 48.29 RCW, a licensed escrow agent as defined in RCW 18.44.011, or an attorney admitted to practice law in this state may record with each county auditor where the original deed of trust was recorded a notarized declaration of payment. The notarized declaration must: (i) Identify the deed of trust, including original grantor, beneficiary, trustee, loan number if available, and the auditor's recording number and recording date; (ii) state the amount, date, and name of the beneficiary and means of payment; (iii) include a declaration that the payment tendered was sufficient to meet the beneficiary's demand and that no written objections have been received; and (iv) be titled "declaration of payment".
     (b) A copy of the recorded declaration of payment must be sent by certified mail to the last known address of the beneficiary and the trustee of record not later than two business days following the date of recording of the notarized declaration. The beneficiary or trustee of record has sixty days from the date of recording of the notarized declaration to record an objection. The objection must: (i) Include reference to the recording number of the declaration and original deed of trust, in the records where the notarized declaration was recorded; and (ii) be titled "objection to declaration of payment". If no objection is recorded within sixty days following recording of the notarized declaration, any lien of the deed of trust against the real property encumbered must cease to exist.


         Passed by the House March 11, 2013.
         Passed by the Senate April 15, 2013.
         Approved by the Governor May 1, 2013.
         Filed in Office of Secretary of State May 1, 2013.