§ 38-39-202 — Lien extended - method

(1) The lien of a recorded mortgage or
deed of trust may be extended without the written agreement of the owner of the
property encumbered by such lien by an instrument in writing, signed by the owner
of the obligation secured by such lien or by the person, firm, or corporation
designated in such mortgage or deed of trust as the trustee for the owner of the
obligation, such as a note or bond secured by such lien or by the successor in office
of such named trustee. Such instrument shall clearly describe the mortgage or
deed of trust, shall state the date to which the lien has been extended, and shall be
recorded before the expiration of the fifteen-year period described in section 38-39-201 (1) in the office of the county clerk and recorder of the county wherein the
property is located. The date to which such lien is extended by such instrument
shall in no event be later than fifteen years after the recording date of such
instrument.

(2) Additional and further extensions may be recorded from time to time in
accordance with the provisions of this section in order to extend the lien of such
mortgage or deed of trust. The original extension and all additional and further
extensions shall, in no event, extend the lien of the original mortgage or trust deed
beyond a total of thirty years without the written agreement of the owner of the
property encumbered by such lien. Each successive extension must be recorded
during the time that such mortgage or deed of trust constitutes a lien under the
terms of this article and before the expiration of the respective period for which the
lien of such mortgage or deed of trust may have been extended in accordance with
the terms of this article.

(3) The lien of a recorded mortgage or deed of trust may be extended for so
long as agreed, by an instrument in writing, signed by the owner of the obligation
secured by such lien and the owner of the property encumbered by such lien and
recorded in the office of the county clerk and recorder of the county in which such
property is located.

(4) The term thirty years, as used in this section, means thirty years after
the original maturity date of such mortgage or deed of trust.

Legislative History

Source: L. 90: Entire article R&RE, p. 1677, � 3, effective October 1.