Senate Bill 1071

To redefine "commercial revolving loan" for purposes of open-end mortgages to include loans made to nonprofit entities, to facilitate the clearing of real estate titles by providing that a release or assignment of mortgage operates to release or assign after-acquired title to the mortgage, to reduce the time period for invalidating undischarged mortgages, where the mortgagor or those who owned the land had been in undisturbed possession, from forty years to thirty years after the mortgage should have been paid off, to allow undischarged mortgages that have no stated maturity date to be released automatically thirty years after the recording of the mortgage and to eliminate the requirement that an affidavit be recorded on the land records in the case of an undischarged mortgage.

In the Senate

• JUD

  Sponsor

l9n doesn't hold this bill's text yet.

In the Senate Feb 14 – Jun 8

1. Feb 14Introduced and sent to Judiciary Committee
2. Feb 23Heard in Judiciary Committee
3. Mar 18Judiciary Committee recommended a substitute for it
4. Apr 15Sent to Insurance and Real Estate Committee
5. Apr 20Insurance and Real Estate Committee recommended it
6. May 18Sent to Banking Committee
7. May 25Banking Committee recommended it
8. Jun 8Sent to Judiciary Committee