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IN HB1079
Bill
Status
Passed
5/13/2013
Primary Sponsor
Charles Burton
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AI Summary
- Mortgages and vendor's liens on real estate created before July 1, 2012 expire 20 years after the debt becomes due or after the date of execution/recording if no due date is shown
- Mortgages and vendor's liens created after June 30, 2012 expire 10 years after the debt becomes due or after the date of execution/recording if no due date is shown
- Mortgage holders or vendor's lien owners may file an affidavit with the county recorder stating when the debt becomes due if the original record does not contain this information
- Upon expiration of a mortgage or vendor's lien, the property owner may request the county recorder to certify the lien is satisfied by lapse of time and release the property
- The act applies retroactively to July 1, 2012 and was declared an emergency measure for immediate effect
Legislative Description
Mortgages and vendor's liens on real property.
Last Action
Public Law 18
5/13/2013
Committee Referrals
Financial Institutions1/7/2013
Full Bill Text
No bill text available