(a) An owner of property subject to a lien under § 3901 or § 3902 of this title may release any interest in the property after the lien has risen. The release shall be dated when signed and a copy shall be given at the time the release is signed to the person releasing the interest. (b) The release shall contain all of the following information in simple, nontechnical language: (1) A description of the property sufficient to identify it. (2) The names and addresses of the owners. (3) A statement of the amount of the lien and the facts concerning the claim which gives rise to the lien. (4) A statement that the person releasing the interest understands that the person has a legal right to a hearing in court prior to any sale of the property to satisfy the lien and the person is giving up the right to appear to contest the claim of the lienholder. (5) A statement that the person releasing the interest gives up any interest that person may have in the property and the person is giving the lienholder permission to sell the property. (6) A statement that there is no other person, persons or lienholders who have an outstanding interest in the property.
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