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ID H0257

Bill

Official Source

Status

Introduced

2/26/2021

Primary Sponsor

State Affairs Committee

Click for details

Origin

House of Representatives

2021 Regular Session

AI Summary

  • Judicial foreclosure actions on mortgages must be commenced within 5 years from the maturity date of the financial obligation or when the indebtedness becomes due and payable
  • If no maturity date is stated, the accrual date of the cause of action is deemed the maturity date and commencement date for the 5-year statute of limitations period
  • Failure to initiate a judicial foreclosure within 5 years from the due date bars the note holder from any further right to collect on the mortgaged debt
  • If a foreclosure action is barred after 5 years with no judicial foreclosure action having been initiated, the mortgage or deed of trust lien shall be deemed automatically released from the real property

Legislative Description

Amends existing law to revise provisions regarding an action to foreclose mortgage on real property and to provide that a lien of the mortgage shall be deemed automatically released in certain instances.

LIMITATIONS OF ACTIONS

Last Action

Reported Printed and Referred to Judiciary, Rules & Administration

3/1/2021

Committee Referrals

Judiciary, Rules and Administration3/1/2021

Full Bill Text

No bill text available