§ 18-40-103 — Extension of maturity date

(a) (1) No agreement for the extension of the date of maturity of the whole, or any part, of any debt or note secured by mortgage, deed of trust, or vendor's lien or for the renewal thereof, whether made in writing or otherwise, and no written or oral acknowledgment of indebtedness thereon, shall operate, so far as it affects the rights of third parties, to revive the debts or extend the operation of the statute of limitations with reference thereto, unless the parties execute and acknowledge a written agreement setting forth the terms of the extension or renewal and the description of the property affected and record it in the office of the recorder of the county in which the property is located, or unless a memorandum showing the extension or renewal is endorsed on the margin of the record where the instrument is recorded, which endorsement shall be attested and dated by the clerk. (2) (A) In counties which use other than paper recording systems, all marginal endorsements entered after December 31, 1995, are void. (B) The clerks in counties which use other than paper recording systems shall not allow any marginal endorsements to be made after December 31, 1995, and shall not attest or date any marginal endorsements after December 31, 1995. (b) In all cases of existing recorded mortgages, deeds of trust, or deeds barred by the terms of this section, or when the debt retains liens, when the debt or liability would be barred by the terms of this section, the party in whose favor the debt or liability exists shall be allowed one (1) year from the date of the debt or liability to bring action to enforce it.

Legislative History

Acts 1917, No. 374, § 1; C. & M. Dig., § 7382; Pope's Dig., § 9436; Acts 1973, No. 604, § 2; A.S.A. 1947, § 51-1010; Acts 1995, No. 1025, § 1.