promissory note statute of limitation
Date: Thu, 05/13/2010 - 17:06
If the word "forever" is included in the mortage wording does the statute of limitations still apply? The mortage is between family members (first and second parties) and the property is in Michigan. A title company associate informed me that if nothing has been submitted concerning the loan within 30 years then the mortage is null and void. The mortage was inacted in 1969 and a quit claim was done on the property in 1995 where in the property was transferred to the original owners son. Is this promissory note still valid?
IMO you need to discuss this issue with an attorney. However,
IMO you need to discuss this issue with an attorney.
However, as far as I know, a lien would remain on the property as long as the mortgage isn't paid. Even if the mortgage has been nullified, one is required to obtain a lien release certificate from the lender and record the same with the county record office.
Anyway, just hang tight, some would soon be along with more information.
