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2009 SESSION
SB 1291 Deed of trust or mortgage; limitation on enforcement.
Introduced by: John S. Edwards | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Limitation on enforcement of deed of trust or mortgage. Provides a transition period for mortgages and deeds of trust for which enforcement rights may have been cut off as a result of 2008 legislation that reduced the time in which a deed of trust or mortgage may be enforced from 20 years to 10 years after the maturity of the underlying obligation. The measure provides that if the secured obligation became due and payable between July 1, 1988, and July 1, 2000, the instrument may be enforced until July 1, 2010. If the instrument is not enforced by that date, its enforcement will be time barred unless the beneficiary of the deed of trust or mortgage has extended the limitations period, for 10 additional years, by filing a certificate in the circuit court. The measure addresses obligations that matured within the 20 years preceding the effective date of the 2008 legislation and for which the beneficiary's ability to extend its limitation period was curtailed. However, the bill shall have no effect on the rights of a person who (i) acquired an interest in the real property securing such deed of trust or mortgage between July 1, 2008, and the date of enactment of this subsection and (ii) would otherwise have priority over or take free of such deed of trust or mortgage under the laws of the Commonwealth at that time. This bill contains an emergency clause.
FULL TEXT
- 01/14/09 Senate: Prefiled and ordered printed with emergency clause; offered 01/14/09 090063504 pdf
- 01/28/09 Senate: Printed as engrossed 090063504-E pdf
- 02/28/09 Senate: Bill text as passed Senate and House (SB1291ER) pdf
- 03/16/09 Governor: Acts of Assembly Chapter text (CHAP0163) pdf
AMENDMENTS
HISTORY
- 01/14/09 Senate: Prefiled and ordered printed with emergency clause; offered 01/14/09 090063504
- 01/14/09 Senate: Referred to Committee for Courts of Justice
- 01/15/09 Senate: Assigned Courts sub: Civil
- 01/26/09 Senate: Reported from Courts of Justice with amendments (14-Y 0-N)
- 01/27/09 Senate: Constitutional reading dispensed (39-Y 0-N)
- 01/28/09 Senate: Read second time
- 01/28/09 Senate: Reading of amendments waived
- 01/28/09 Senate: Committee amendments agreed to
- 01/28/09 Senate: Engrossed by Senate as amended SB1291E
- 01/28/09 Senate: Printed as engrossed 090063504-E
- 01/29/09 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/03/09 House: Placed on Calendar
- 02/03/09 House: Read first time
- 02/03/09 House: Referred to Committee for Courts of Justice
- 02/16/09 House: Assigned Courts sub: Civil
- 02/16/09 House: Subcommittee recommends reporting
- 02/18/09 House: Reported from Courts of Justice (22-Y 0-N)
- 02/20/09 House: Read second time
- 02/23/09 House: Passed by for the day
- 02/24/09 House: Read third time
- 02/24/09 House: Passed House BLOCK VOTE (99-Y 0-N)
- 02/24/09 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/28/09 Senate: Enrolled
- 02/28/09 Senate: Bill text as passed Senate and House (SB1291ER)
- 02/28/09 House: Signed by Speaker
- 03/04/09 Senate: Signed by President
- 03/16/09 Governor: Approved by Governor-Chapter 163 (effective 7/1/08)
- 03/16/09 Governor: Acts of Assembly Chapter text (CHAP0163)