Section 1. Satisfaction in case of presumption of payment from lapse of time
In all cases where the legal presumption of the payment of mortgages shall exist from lapse of time, and no satisfaction appears on the record thereof, it shall be lawful for the owner or owners of the mortgaged premises to apply by petition to the court of common pleas of the county where the mortgaged premises are situate, setting forth the premises, and also the name of the holder or holders of the mortgage, if known, and if not known then stating that fact, whereupon the said court shall direct the sheriff of the said county to serve a notice, stating the facts set forth in the petition, on the holder or holders of the said mortgage, if to be found in the said county, and, in case the parties aforesaid cannot be found in the said county, then the said sheriff shall give public notice as aforesaid, in one or more newspapers published within or nearest the said county, once a week for four weeks successively prior to the then next term after the petition as aforesaid shall have been presented, requiring said parties to appear at said term and answer the petition as aforesaid; at which term, should any person or persons appear, claiming to be the holder or holders of the said mortgage, the said court shall enter a rule on the person or persons claiming to sue out a writ of scire facias to the next quarterly or monthly return day, to which it shall be lawful for any party to appear and defend as is now authorized by law, as to writs of scire facias, and in default of a compliance with the said rule, and in the event of a nonappearance of any person to answer the said petition as aforesaid, the said court, being satisfied of the truth of the said petition, are hereby authorized and required, at the same or any subsequent term of the said court, to decree and direct that satisfaction shall be entered on the record of the said mortgage by the recorder of the proper county, on payment of the costs due relative to the entry of said mortgage or any proceedings thereon; which said satisfaction so entered shall forever thereafter discharge, defeat and release the same, and shall likewise bar all actions brought or to be brought thereon, as fully and effectually to all intents and purposes as if the satisfaction had been entered by the legal holder or holders of the said mortgage. When a mortgage contains no fixed date of maturity or date of payment, it shall be deemed, for the purpose of having satisfaction entered on the record under the provisions of this act because of a legal presumption of payment from lapse of time, to have matured and the payment thereof to have become due one year from the date of acknowledgment of such mortgage. 1881, June 10, P.L. 97, Sec. 1; 1927, April 27, P.L. 461, Sec. 1.