Section 10-402 - Recorded options as notice. - Maryland Statutes

§ 10-402. Recorded options as notice.
 

A recorded instrument, recorded modification, or any amendment of a recorded instrument or recorded modification creating an option to purchase property, or any memorandum of option recorded under § 3-101(f) of this article ceases to be actual or constructive notice to any person or to put any person on inquiry as to existence or exercise of the option, if: 

(1) The instrument according to its terms has expired; 

(2) One year has elapsed since the time of expiration; and 

(3) No grant or other instrument has been recorded showing that the option has been exercised. 
 

[An. Code 1957, art. 21, § 10-402; 1974, ch. 12, § 2; 1999, ch. 689.]