The proposed legislation amends existing laws regarding marketable record titles to interests in land, specifically focusing on the requirements for filing notices of claim and the validity of such claims. It establishes that individuals with legal capacity to own land and an unbroken chain of title for 20 years for mineral interests and 40 years for other interests will be recognized as having a marketable record title, contingent upon meeting certain conditions. The bill clarifies that claims not recorded within the specified time frame will be invalid and introduces new definitions such as "claimant," "mineral interest," and "property owners association" to enhance clarity regarding the parties involved.

Additionally, the bill outlines the necessary components for an effective notice of claim, including the claimant's name, mailing address, and a detailed land description, which must be recorded in the register of deeds office. It establishes conditions for preserving interests, claims, or charges and includes provisions to prevent the creation or continuation of certain interests if specific language is included in land conveyance instruments. The legislation aims to simplify land title transactions by allowing reliance on record titles for specified periods, extinguishing claims that may affect interests, and prohibiting the misuse of recording privileges to slander land titles, with penalties for those who do so.

Statutes affected:
Substitute (H-1): 565.101
House Introduced Bill: 565.101
As Passed by the House: 565.101
As Passed by the Senate: 565.101
House Concurred Bill: 565.101
Public Act: 565.101
House Enrolled Bill: 565.101