A borrower may be able to collect substantial penalties against lenders that delay satisfying a loan or a judgment after it is paid. The Pennsylvania Supreme Court recently ruled on this issue in the case of Pantuso Motors Inc. v. CoreStates Bank, (Pa. June 19, 2002).
In that case, the borrower repaid a loan to the bank in September 1994 and requested that the bank satisfy all of the obligations of record. After further requests to do so, the bank finally entered satisfaction of a judgment that had been taken on the loan, but it did not do so until more than two years after the request. Also, it failed to satisfy several mortgages and financing statements in connection with the loan.
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