(a) If the lien of a mortgage, or other instrument that creates a security interest of record in real property to secure a debt or other obligation has earlier expired, the lien expires at, and is not enforceable by an action for foreclosure commenced, power of sale exercised, or any other means asserted after, the latest date of the following:(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, five 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, 35 years after the date the instrument that created the security interest was recorded; or(3) If a notice of intent to preserve the security interest is recorded within the time prescribed in paragraph (1) or (2), five years after the date the notice is recorded; or
(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, five 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, 35 years after the date the instrument that created the security interest was recorded; or
(3) If a notice of intent to preserve the security interest is recorded within the time prescribed in paragraph (1) or (2), five years after the date the notice is recorded; or
(b) For the purpose of this section, a power of sale is deemed to be exercised upon recordation of the deed executed under the power of sale.
(c) The times prescribed in this section may be extended only if an extension agreement is recorded before expiration of the prescribed times. In case an extension agreement is so recorded, the period shall continue until five years have elapsed during which no further extensions have been recorded.
(d) Expiration of the lien of a mortgage, other security interest under this section 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.
(e) The time shall not be extended by non-residence or disability of any person interested in the mortgage or real estate, or by any partial payment, agreement, extension, acknowledgment affidavit, or other action not meeting the requirements of this section.
(f) This section applies on the effective date to all mortgages, 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 effective date of this section.
(g) All legally interested individuals, organizations or entities seeking the discharge of an ancient mortgage under this section shall file in the Office of the Recorder of Deeds an Ancient Mortgage Affidavit, notarized and attested by two witnesses, specifically stating that the mortgage is discharged, setting forth the parties to the mortgage, the full and legal description of the property, the date of the mortgage, the amount of the debt secured, and when and where recorded by indicating Auxiliary/PC and page numbers and assigned Document Number. Upon payment of the fee for recording the Ancient Mortgage Affidavit, the mortgage shall be marked as discharged on the relevant memorandum of encumbrances in the same manner as for any other mortgage duly discharged or released by the record holder thereof.