SB188 Alabama 2013 Session

Under existing law, a mortgage or deed of trust may be recorded in the office of a judge of probate

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

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

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

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.