1.    Expiration of a real estate mortgage under section 35-03-14 does not occur if before the date the expiration would become effective a mortgage modification is recorded in the office of the recorder. A modified mortgage expires as provided under section 35-03-14, unless the modified mortgage is extended under section 35-03-15 or subsequently modified. If a modified mortgage is extended or subsequently modified, the mortgage expires as follows:

Terms Used In North Dakota Code 35-03-15.1

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37

a. If the final maturity date is ascertainable from the record of the mortgage modification, 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 of the original mortgage or a mortgage modification, the lien of the mortgage expires ten years after the date the last mortgage modification is filed for record in the office of the recorder.

2.    As used in this section, “mortgage modification” means a written instrument amending at least one term of an original mortgage which:

a.    References the original mortgage by recording date and document number; and

b.    Is signed by the mortgagor, or the mortgagor’s successor in interest, and the owner of the mortgage.

  Previous section
Next section  
 Chapter 35-03 Contents