| Chapter 096 |
| 2015 -- S 0502 SUBSTITUTE A Enacted 06/19/2015 |
| A N A C T |
| RELATING TO PROPERTY - REDEMPTION, RELEASE, AND TRANSFER OF MORTGAGES |
| Introduced By: Senators Lombardi, Jabour, Nesselbush, Conley, and Archambault |
| Date Introduced: February 26, 2015 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 34-26-7 of the General Laws in Chapter 34-26 entitled |
| "Redemption, Release, and Transfer of Mortgages" is hereby amended to read as follows: |
| 34-26-7. Certain ancient mortgages becoming void unless continued. -- On and after |
| January 1, 1989, no power of sale in any mortgage of real estate, except mortgages made by |
| public utilities, and non-amortizing mortgages made by Rhode Island housing and mortgage |
| finance corporation then now or thereafter hereafter of record, shall be exercised and no entry |
| shall be made, nor possession taken, nor proceeding begun for foreclosure of any such mortgage |
| after the expiration of a period which shall be fifty (50) thirty-five (35) years from the date of |
| recording of the mortgage, or in the case of a mortgage in which the term or maturity date is |
| stated, five (5) years from the expiration of the term or maturity date, unless an extension of the |
| mortgage, or an acknowledgment by affidavit of the mortgagee that the mortgage is not satisfied, |
| is recorded within the last ten (10) years of that period before the expiration of the applicable time |
| period. In case an extension of the mortgage or such an acknowledgment by affidavit is so |
| recorded, the period shall continue until ten (10) five (5) years shall have elapsed during which |
| there is not recorded any further extension of the mortgage or nor acknowledgment or nor |
| affidavit that the mortgage is not satisfied. The period shall not be extended by reason of a longer |
| duration of the debt or the obligation secured being stated in the mortgage or in any extension of |
| the mortgage, or otherwise, or by nonresidence or nor disability of any person interested in the |
| mortgage or the real estate, or by any partial payment, agreement, extension, acknowledgment, |
| affidavit, or other action not meeting the requirements of this section. All extensions, agreements, |
| affidavits and acknowledgments shall be indexed in the land evidence records under the name of |
| the present landowner. Upon the expiration of the applicable period provided herein, the |
| mortgage shall be treated for title purposes as if it had been properly discharged by the record |
| holder thereof. |
| SECTION 2. This act shall take effect one year from its date of passage. |
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| LC001434/SUB A |
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