Chapter 096
2015 -- S 0502 SUBSTITUTE A
Enacted 06/19/2015

A N   A C T

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.
LC001434/SUB A