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ND SB2292
Bill
Status
Passed
4/1/2021
Primary Sponsor
Scott Meyer
Click for details
AI Summary
- Amends North Dakota Century Code sections 35-03-14 and 35-03-15 and creates new section 35-03-15.1 relating to mortgage expiration and extension procedures
- Establishes that mortgage liens expire 10 years after the final maturity date (or 10 years after recording if maturity date is not ascertainable), unless extended or modified
- Creates new mortgage modification provisions allowing lien expiration to be delayed by recording a written instrument that amends at least one mortgage term, references the original mortgage by recording date and document number, and is signed by both the mortgagor and mortgage owner
- Modified mortgages expire 10 years after the final maturity date shown in the modification, or 10 years after the last modification is recorded if no maturity date is ascertainable
- Applies all provisions retroactively to mortgages executed or recorded before the effective date, with protection for actions until January 1, 1964
Legislative Description
The expiration and extension of real estate mortgages.
Last Action
Signed by Governor 04/01
4/1/2021
Committee Referrals
Industry, Business, and Labor2/24/2021
Political Subdivisions1/25/2021
Full Bill Text
No bill text available