71-3-408. (Temporary) Acknowledgment of satisfaction of lien -- penalty. (1) Whenever the indebtedness which is a lien upon any of such crops is paid and satisfied, it is the duty of the lienor to acknowledge satisfaction thereof and to discharge the lien of record. If any lienor fails to acknowledge satisfaction and discharge said lien within 30 days after being requested to do so by a person having a property interest in such crops, he is liable to any person injured thereby in the amount of such injury and costs of action.
     (2) A termination statement as described in 30-9-404 must be filed with the secretary of state with the same obligations and penalties described in subsection (1). (Effective July 1, 2001)
     71-3-408. (Effective July 1, 2001) . Acknowledgment of satisfaction of lien -- penalty. (1) Whenever the indebtedness that is a lien upon any of the crops subject to this part 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 the lien within 30 days after being requested to do so by a person having a property interest in the crops, the lienor is liable to any person injured by the failure in the amount of the injury and costs of action.
     (2) A termination statement as described in 30-9-533 must be filed with the secretary of state with the same obligations and penalties described in subsection (1).

     History: En. Sec. 11, Ch. 196, L. 1935; re-en. Sec. 8374.11, R.C.M. 1935; amd. Sec. 11-126, Ch. 264, L. 1963; R.C.M. 1947, 45-911; amd. Sec. 4, Ch. 295, L. 1987; amd. Sec. 156, Ch. 305, L. 1999.