DE HB338

Reduces the time period for satisfying unsatisfied mortgages from 20 years to 10 years after the maturity date, or from 50 years to 40 years after recording if no maturity date is stated

Expands the law to apply to all mortgages, removing the previous limitation to only "consumer purpose" mortgages on 1-to-4-family residential properties

Creates a legal presumption that a mortgage has been paid and satisfied once the applicable time period has lapsed without an enforcement action being filed

Terminates and extinguishes mortgage liens as unenforceable against the property if no enforcement action is brought within the specified time periods, though personal debt obligations remain intact

Applies retroactively to all mortgages recorded before, on, or after the effective date of the Act