SB188 Summary

• Amends Section 35-4-51 of the Alabama Code to establish a six-year limitation period for recording mortgages and deeds of trust, after which they cannot attach as liens unless the mortgagor or trustor agrees to late recordation.

• Requires mortgagees and deed of trust beneficiaries to provide written notice to the mortgagor or trustor of any assignment within 30 days of the assignment.

• Provides that failure to deliver written notice of assignment within 30 days prevents the mortgage or deed of trust from attaching as a lien on the property.

• Clarifies that the provisions are cumulative and do not supersede or repeal other Alabama laws relating to mortgages and deeds of trust.

• Becomes effective on the first day of the third month following passage and approval by the Governor.