Page:2021 North Dakota Session Laws.pdf/1116

Liens LIENS

CHAPTER 265

SENATE BILL NO. 2292

(Senators Meyer, Holmberg, Patten)

(Representative O'Brien)

AN ACT to create and enact section 35-03-15.1 of the North Dakota Century Code, relating to mortgage modifications; and to amend and reenact sections 35-03-14 and 35-03-15 of the North Dakota Century Code, relating to the expiration and extension of real estate mortgages.

BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:

SECTION 1. AMENDMENT. Section 35-03-14 of the North Dakota Century Code is amended and reenacted as follows:

35-03-14. Expiration of real estate mortgages.

1. Unless extended or modified as specified in sectionsections 35-03-15 and 35-03-15.1, the lien created by a mortgage of North Dakota real estate and all notice from the record thereofof the lien expires as to all persons and for all purposes as follows:

1. a. If the final maturity date is ascertainable from the record of the mortgage, the lien of the mortgage expires ten years after thatthe final maturity date.

2. b. If the final maturity date of the mortgage is not ascertainable from the record, the lien of the mortgage expires ten years after the date the mortgage is filed for record in the office of the recorder.

2. Expiration of a mortgage lien under the provisions of this section is equivalent for all purposes to proper discharge of the mortgage of record, and execution or recordation of a discharge instrument is not necessary to terminate a mortgage lien whichthat has so expired. Satisfaction of mortgage in the common form may be recorded at any time.

3. Expiration of a mortgage lien as provided hereinin this section occurs notwithstanding that the right to foreclose the mortgage has not been or might not be barred by the defense of limitations, whether tolled by nonresidence, disability, death, part payment, acknowledgment, extension, new promise, or waiver, and occurs notwithstanding any provisions of the Federal Soldiers' and Sailors' Civil Relief Act.

SECTION 2. AMENDMENT. Section 35-03-15 of the North Dakota Century Code is amended and reenacted as follows:

35-03-15. Extension of mortgage - Expiration delayed - Retroactivity.