(a) Whenever the whole judgment shall appear to be satisfied by the return of an execution, it shall be the duty of the clerk to enter in the judgment book, in the space left for that purpose, "satisfied by execution".

(b)

(1) Whenever a judgment is satisfied otherwise than upon an execution, it shall be the duty of the party or his or her attorney within sixty (60) days thereafter to enter satisfaction in the judgment book, which shall be sufficiently done by writing the words "satisfied in full", with the date of the entry and the signature of the party making it.

(2) The court may on motion and notice compel an entry of satisfaction to be made.

(3)

(A) Satisfaction of a judgment or decree may be entered by the plaintiff in person, by his or her attorney of record, or by an agent duly authorized in writing for that purpose under the hand of the plaintiff.

(B) When the entry of satisfaction is made by an agent, his or her authority shall be filed in the office of the clerk of the court in which the judgment or decree may be.

(4) If the person receiving satisfaction for any judgment or decree neglects or fails to enter satisfaction within the time prescribed in subdivision (b)(1) of this section, the person shall forfeit and pay to the person against whom the judgment or decree may have been entered any sum not exceeding one hundred fifty dollars ($150) nor less than five dollars ($5.00), to be recovered in an action founded on this act.

(c)

(1) If the person receiving satisfaction of any judgment or decree neglects or refuses to acknowledge the satisfaction of the judgment or decree within the time prescribed by subdivision (b)(1) of this section, the party interested may, on notice given to the adverse party or his or her attorney, apply to the court to have satisfaction entered.

(2) If the court is satisfied that the plaintiff or his or her agent or attorney has received full satisfaction of the judgment or decree, an order shall be made directing the clerk to enter satisfaction on the judgment or decree, which shall have the same effect as if it had been acknowledged by the party.

(3) The costs attending the application shall be recovered of the party so refusing, by execution, as in other cases.

(d) Satisfaction entered in accordance with the provisions of this section shall forever discharge and release the judgment or decree.