This bill introduces automatic discharge periods for undischarged mortgages, establishing specific timelines based on whether the mortgage's term or maturity date is stated. Starting 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. Additionally, any extensions or acknowledgments must be executed by the relevant parties and recorded in the county's registry of deeds.

The bill also repeals RSA 479:29, which contained exceptions to the limitations on undischarged mortgages, thereby streamlining the process. The new provisions aim to clarify the status of undischarged mortgages and ensure that they are treated as discharged after the specified timeframes, thus reducing potential legal ambiguities. The act is set to take effect 60 days after its passage, on September 5, 2025.

Statutes affected:
Introduced: 479:29
As Amended by the House: 479:29
Version adopted by both bodies: 479:29
CHAPTERED FINAL VERSION: 479:29