2009 California Civil Code - Section 882.020-882.040 :: Chapter 2. Ancient Mortgages And Deeds Of Trust

CIVIL CODE
SECTION 882.020-882.040

882.020.  (a) Unless the lien of a mortgage, deed of trust, or other
instrument that creates a security interest of record in real
property to secure a debt or other obligation has earlier expired
pursuant to Section 2911, the lien expires at, and is not enforceable
by action for foreclosure commenced, power of sale exercised, or any
other means asserted after, the later of the following times:
   (1) If the final maturity date or the last date fixed for payment
of the debt or performance of the obligation is ascertainable from
the recorded evidence of indebtedness, 10 years after that date.
   (2) If the final maturity date or the last date fixed for payment
of the debt or performance of the obligation is not ascertainable
from the recorded evidence of indebtedness, or if there is no final
maturity date or last date fixed for payment of the debt or
performance of the obligation, 60 years after the date the instrument
that created the security interest was recorded.
   (3) If a notice of intent to preserve the security interest is
recorded within the time prescribed in paragraph (1) or (2), 10 years
after the date the notice is recorded.
   (b) For the purpose of this section, a power of sale is deemed to
be exercised upon recordation of the deed executed pursuant to the
power of sale.
   (c) The times prescribed in this section may be extended in the
same manner and to the same extent as a waiver made pursuant to
Section 360.5 of the Code of Civil Procedure, except that an
instrument is effective to extend the prescribed times only if it is
recorded before expiration of the prescribed times.

882.030.  Expiration of the lien of a mortgage, deed of trust, or
other security interest pursuant to this chapter or any other statute
renders the lien unenforceable by any means commenced or asserted
thereafter and is equivalent for all purposes to a certificate of
satisfaction, reconveyance, release, or other discharge of the
security interest, and execution and recording of a certificate of
satisfaction, reconveyance, release, or other discharge is not
necessary to terminate or evidence the termination of the security
interest. Nothing in this section precludes execution and recording
at any time of a certificate of satisfaction, reconveyance, release,
or other discharge.

882.040.  (a) Subject to Section 880.370 (grace period for recording
notice) and except as otherwise provided in this section, this
chapter applies on the operative date to all mortgages, deeds of
trust, and other instruments that create a security interest in real
property to secure a debt or other obligation, whether executed or
recorded before, on, or after the operative date.
   (b) This chapter shall not cause the lien of a mortgage, deed of
trust, or other security interest in real property to expire or
become unenforceable before the passage of five years after the
operative date of this chapter.


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