1.    Unless extended or modified as specified in sections 35-03-15 and 35-03-15.1, the lien created by a mortgage of North Dakota real estate and all notice from the record of the lien expires as to all persons and for all purposes as follows:

a.    If the final maturity date is ascertainable from the record of the mortgage, the lien of the mortgage expires ten years after the final maturity date.

b.    If the final maturity date of the mortgage is not ascertainable from the record, the lien of the mortgage expires ten years after the date the mortgage is filed for record in the office of the recorder.

2.    Expiration of a mortgage lien under this section is equivalent for all purposes to proper discharge of the mortgage of record, and execution or recordation of a discharge instrument is not necessary to terminate a mortgage lien that has expired. Satisfaction of mortgage in the common form may be recorded at any time.

3.    Expiration of a mortgage lien as provided in this section occurs notwithstanding that the right to foreclose the mortgage has not been or might not be barred by the defense of limitations, whether tolled by nonresidence, disability, death, part payment, acknowledgment, extension, new promise, or waiver, and occurs notwithstanding any provisions of the Federal Soldiers’ and Sailors’ Civil Relief Act.