| Passed by the House March 11, 2013 Yeas 95 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 15, 2013 Yeas 48 ________________________________________ President of the Senate | 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. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 63rd Legislature | 2013 Regular Session |
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.