§ 34-26-7 - Certain ancient mortgages becoming void unless continued. - Rhode Island Statutes

SECTION 34-26-7

   § 34-26-7  Certain ancient mortgagesbecoming 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, then or thereafter of record shallbe exercised and no entry shall be made nor possession taken nor proceedingbegun for foreclosure of any such mortgage after the expiration of a periodwhich shall be fifty (50) years from the date of recording of the mortgageunless an extension of the mortgage, or an acknowledgment by affidavit that themortgage is not satisfied, is recorded within the last ten (10) years of thatperiod. In case an extension of the mortgage or such an acknowledgment byaffidavit is so recorded, the period shall continue until ten (10) years shallhave elapsed during which there is not recorded any further extension of themortgage or acknowledgment or affidavit that the mortgage is not satisfied. Theperiod shall not be extended by reason of a longer duration of the debt or theobligation secured being stated in the mortgage or in any extension of themortgage, or otherwise, or by nonresidence or disability of any personinterested in the mortgage or the real estate, or by any partial payment,agreement, extension, acknowledgment, affidavit or other action not meeting therequirements of this section. All extensions, agreements, affidavits andacknowledgments shall be indexed in the land evidence records under the name ofthe present landowner.