Brief⁽¹⁾

H.B. 2763, as amended, would establish that all mortgages recorded after January 1, 1965, if 42 years have elapsed and the owner of the mortgage has not filed the appropriate affidavit, will be released by law.

Background

In the 1997 Session, the Legislature established the automatic extinction of a mortgage after 32 years unless certain affidavits were filed by the owner of the mortgage. H.B. 2763, as amended, extends the period from 32 years to 42 years to accommodate certain mortgages discovered to have terms beyond 32 years.

A fiscal note was not available at the time of the Committee action.

1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext-bill.html.