This bill introduces automatic discharge periods for undischarged mortgages, establishing specific timelines based on whether the mortgage's term or maturity date is stated. Under the new provisions, all undischarged mortgages without a stated term or maturity date will be deemed discharged 35 years after recording, effective January 1, 2028, unless an extension or acknowledgment of satisfaction is recorded beforehand. Conversely, mortgages with a stated term or maturity date will be discharged 5 years after the expiration of that term, also contingent on the recording of any extensions or acknowledgments prior to the expiration.

Additionally, the bill repeals RSA 479:29, which previously outlined exceptions to the limitations on undischarged mortgages. The new legal language clarifies that all extensions, agreements, affidavits, and acknowledgments must be executed by the relevant parties and recorded in the appropriate registry of deeds. The act is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 479:29