This bill introduces automatic discharge periods for undischarged mortgages, establishing specific timelines based on whether the mortgage's term or maturity date is stated. Effective January 1, 2028, undischarged mortgages without a stated term or maturity date will be deemed discharged 35 years after their recording date, unless an extension or acknowledgment of satisfaction is recorded within that period. Conversely, mortgages with a stated term or maturity date will be discharged 5 years after that date, again unless an extension or acknowledgment is recorded beforehand. All such documents must be executed by the relevant parties and recorded in the appropriate registry of deeds.

Additionally, the bill repeals RSA 479:29, which previously outlined exceptions to the limitations on undischarged mortgages. The new provisions aim to streamline the process of discharging mortgages and clarify the responsibilities of mortgagors and mortgagees. The act will take effect 60 days after its passage, ensuring that the new rules are in place for future mortgage transactions.

Statutes affected:
Introduced: 479:29
As Amended by the House: 479:29