Bills › 88th General Assembly
Relating to filing requirements applicable to extensions of real estate conveyances or transactions under specified circumstances
Sponsored by the Senate Commerce Committee
Where it is now
- Done: IntroducedJanuary 31, 2020
- Skipped: SubcommitteeSkipped
- Done: Senate committeeJanuary 31, 2020
- Done: Passes the SenateFebruary 25, 202050–0
- Skipped: House committeeSkipped
- Done: Passes the HouseMarch 3, 2020
- Done: To the GovernorMarch 11, 2020
- Done: Signed into lawMarch 12, 2020
Signed into law What’s a funnel?
What’s in it
21 has yet to expire, the owner or assignee of the instrument may show a modification of the maturity date, an extension of the maturity date, or an extension of any associated indebtedness by filing a duly acknowledged extension agreement in the office of the recorder where the instrument was recorded. This bill removes the requirement that an extension agreement be duly acknowledged as the original instrument was required to be acknowledged when a filing of the agreement in the county recorder’s office takes place.
Read the full explanation
Instead, the bill provides that the filing of an extension agreement or other documentation confirming an agreement to extend the maturity date of the instrument, debt, or indebtedness secured thereby is sufficient. In addition, the bill provides that a grantor or mortgagor, by authorizing or becoming bound under an existing mortgage, bond for deed, trust deed, or contract for the sale or conveyance of real estate, authorizes the holder of the debt or owner or assignee of the instrument to make the filings specified in the bill.
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88th General Assembly