§ 701.03, Fla. Stat. · Chapter 701. ASSIGNMENT AND CANCELLATION OF MORTGAGES
Cancellation.
Text — 2026 Florida Statutes
(1) Whenever the amount of money due under a promissory note secured by a mortgage is fully paid, the mortgagee or assignee shall within 45 days after satisfaction of the mortgage thereafter cancel the mortgage in the manner provided by law, unless the mortgage is an open-end mortgage.
(2) A mortgage that is an open-end mortgage as provided in the loan agreement may be canceled upon written notice from the borrower of the intent to close the mortgage. The mortgagee or assignee shall cancel the open-end mortgage within 45 days after receiving the notice. This subsection does not apply to an open-end mortgage existing before July 1, 2016, if the loan agreement contained procedures for canceling the mortgage.
Notes and commentary — not statutory text
History
RS 1986; GS 2499; RGS 3842; CGL 5745; s. 171, ch. 73-333; s. 4, ch. 2016-53.
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0701/0701.html
- Text hash
- sha256 feb6b1f0b0de3c36695f5d4e491fb51d05e31b497e8846aa64d459e436fc83a5
- Composed by
- compose_v2.py 2026-10-04: the Legislature's structured HTML read in document order; verify_v2.py's independent reading agrees character for character
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Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.