§ 34-5-105 — Defects in mortgage releases and assignments; time limits for civil action

Any and all mortgage releases and assignments of mortgages which
have been heretofore recorded in the office of the county clerk
of the county wherein the real estate therein is affected is
situate, and have been of record five (5) years or more prior to
January 1, 1935, purporting to cancel and discharge or assign
any mortgage, and purporting to be executed by any mortgagee his
agent or attorney, or by any assignee of said mortgage, or
purporting to be executed by any person acting for a corporation
which is either mortgagee or assignee of said mortgage, shall be
deemed to be valid, and the lien of such mortgage, shall be
deemed to be canceled in case of release, and the mortgage
deemed duly assigned, in case of assignment, notwithstanding any
defects in the execution of such release or assignment.
Provided, however, that the holder of any mortgage or the
assignee thereof, which said mortgage is defectively released,
or assigned as hereinbefore specified, and which has remained
unchallenged, by the proper action in court, or other legal and
proper proceeding, on the records aforesaid for the period of
five (5) years or more as aforesaid, shall have until the first
day of January, 1936, in which to commence an action in a court
of competent jurisdiction in this state, for the assertion and
enforcement of his rights, or to set aside such release or
assignment, and if not so commenced as herein mentioned, then
such release or assignment shall be deemed valid against such
persons and all rights as against the same shall be barred.