(a) In suits to foreclose or enforce mortgages, deeds of trust, or vendor's liens, it shall be sufficient defense that they have not been brought within the period of limitation prescribed by law for a suit on the debt or liability for the security of which they were given.
(b) When any payment is made on any existing indebtedness, before it is barred by the statute of limitations, the payment shall not operate to revive the debts or to extend the operations of the statute of limitations, with reference thereto, so far as it affects the rights of judgment lienholders and judgment creditors and third parties, unless the mortgagee, trustee, or beneficiary shall, prior to the expiration of the period of the statute of limitation, execute, acknowledge, and record a written instrument reflecting the amount and date of payments made or shall endorse a memorandum of the payment with date thereof on the margin of the record where the instrument is recorded, and the endorsement shall be attested and dated by the clerk.
(c) (1) In all cases in which an indebtedness is secured by any mortgage, deed of trust, or instrument in which a vendor's lien is retained, the mortgage, deed of trust, or vendor's lien may be enforced or foreclosed at any time within the period prescribed by law for foreclosing mortgages or deeds of trust so far as the property mentioned or described in the deed of trust, mortgage, or other instrument is concerned.
(2) However, no claim or debt against the estate of a dead person shall be probated against the estate, whether secured by mortgage, deed of trust, or instrument retaining a vendor's lien, or not, except within the time prescribed by law for probating claims against estates.
(d) (1) The holder of a vendor's lien, whether as the original beneficiary or as the assignee or transferee thereof, must note on the margin of the record where the vendor's lien is recorded payments relative to the indebtedness secured thereby.
(2) If the payments are not noted on the margin of the record, then the debt shall become barred, as to third parties, after five (5) years from the maturity of the indebtedness or after five (5) years from the date of the last payment, if any, which may be noted on the margin of the record, thereby subjecting evidences of indebtedness secured by vendor's lien to the same provisions and limitations provided by law in connection with evidences of indebtedness secured by mortgages or deeds of trust.
Section: 18-49-102 18-49-103 18-49-104 18-49-105 18-49-106 NextLast modified: November 15, 2016