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Senate Bill 0236


Senate Bill 0236

ARCHIVE (2013)

Latest Information

 

DIGEST OF SB 236 (Updated March 18, 2013 2:03 pm - DI 84)


Mortgages and liens on real property. Provides that if the record of a mortgage or vendor's lien that was created before July 1, 2012, does not show the due date of the last installment, the mortgage or vendor's lien expires 20 years (instead of 10 years under current law) after the date of execution of the mortgage or vendor's lien. Provides that if: (1) the record of a mortgage or vendor's lien does not show the due date of the last installment; (2) the execution date is omitted from the mortgage or vendor's lien; and (3) the mortgage or vendor's lien was created before July 1, 2012; the mortgage or vendor's lien expires 20 years (instead of 10 years under current law) after the mortgage or vendor's lien is recorded. Makes exceptions to the expiration period if a foreclosure action is brought not later than the expiration period. Makes corresponding changes in the provision that allows the mortgagee or lienholder to file an affidavit stating when the debt becomes due. Removes language that prohibits a person from maintaining an action to foreclose a mortgage or enforce a vendor's lien if the last installment of the debt secured by the mortgage or vendor's lien has been due more than 10 years.
    Current Status:
     Passed 2nd reading - 2nd House
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