516.155. Mortgages last maturing obligation is due, how determined--future advances on real property security instrument statute begins to run, when. - Missouri Statutes

Mortgages last maturing obligation is due, how determined--futureadvances on real property security instrument statute begins to run,when.

516.155. 1. Except as provided in subsection 2 of thissection, whenever under the provisions of section 516.150 "thedate at which the last maturing obligation secured by theinstrument sought to be foreclosed is due on the face of suchinstrument" cannot be determined from the face of suchinstrument, the twenty-year period referred to in section 516.150shall begin to run on the recited date of execution of suchinstrument, or if there is no recited date, the date ofacknowledgment of such instrument, or if there is neither arecited date of execution nor a date of acknowledgment, the dateof recording of such instrument, or if there is none of theabove, the original date of the secured obligation, except thatthe provisions of this subsection shall apply only to deeds oftrust and mortgages recorded after January 1, 1979.

2. In the case of a security instrument described insection 443.055, RSMo, the twenty-year period referred to insection 516.150 shall begin to run on the twentieth anniversaryof the recited date of execution of such security instrument, orif there is no recited date, the date of acknowledgment of suchsecurity instrument, or if there is neither a recited date ofexecution nor a date of acknowledgment, the date of recording ofsuch instrument, except that the provisions of this subsectionshall apply only to such security instruments recorded afterSeptember 1, 1992.

(L. 1978 S.B. 665, A.L. 1992 S.B. 688)