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Florida Statute 701.03 | Lawyer Caselaw & Research
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The 2024 Florida Statutes (including 2025 Special Session C)

Title XL
REAL AND PERSONAL PROPERTY
Chapter 701
ASSIGNMENT AND CANCELLATION OF MORTGAGES
View Entire Chapter
F.S. 701.03
701.03 Cancellation.
(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.
History.RS 1986; GS 2499; RGS 3842; CGL 5745; s. 171, ch. 73-333; s. 4, ch. 2016-53.

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Amendments to 701.03


Arrestable Offenses / Crimes under Fla. Stat. 701.03
Level: Degree
Misdemeanor/Felony: First/Second/Third

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