SB188 Alabama 2013 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2013
Title
Mortgage, limitation on recording mortgages, Sec. 35-4-51 am'd.
Description
<p class="bill_description"> Under existing law, a mortgage or deed of
trust may be recorded in the office of a judge of
probate</p><p class="bill_description">
This bill would provide that a mortgage or
deed of trust that has not been recorded within six
years of its execution may not attach as a lien on
property of the mortgagor or the trustor, unless
the mortgagor or trustor agrees to the recordation
of the mortgage or the deed of trust after the
expiration of the period for the recordation</p><p class="bill_description">
This bill would require the mortgagee or the
beneficiary of a deed of trust to provide written
notice to the mortgagor or the trustor of the
assignment of the mortgage or the deed of trust
within 30 days of the assignment</p><p class="bill_description">
This bill would further provide that if
written notice of the assignment of the mortgage or
the deed of trust is not provided to a mortgagor or
trustor within 30 days, the mortgage or deed of
trust may not attach as a lien on the property of
the mortgagor or the trustor</p><p class="bill_entitled_an_act"> To amend Section 35-4-51, Code of Alabama 1975,
relating to recording and assigning of mortgages and deeds of
trust; to provide that a mortgage or deed of trust that has
not been recorded within six years of its execution may not
attach as a lien on the property of the mortgagor or the
trustor unless the mortgagor or trustor agrees to the
recordation of the mortgage or the deed of trust after the
expiration of the period for the recordation; to require each
mortgagee or the beneficiary of a deed of trust to provide
written notice to the mortgagor or the trustor of the
assignment of the mortgage or the deed of trust within 30 days
of the assignment; and to provide that if written notice of
the assignment of the mortgage or the deed of trust is not
provided to a mortgagor or trustor within 30 days, the
mortgage or deed of trust may not attach as a lien on the
property of the mortgagor or trustor.
</p>
Subjects
Mortgages
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 12, 2013 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB188 Alabama 2013 Session - Introduced |