Section 34.20.140. Recording memorandum extending lien.

Where the payment of an existing contract (a bill of exchange, promissory note, bond, or other evidence of indebtedness) is secured by an instrument creating a lien upon real estate, payment on the contract does not extend the lien beyond its original or extended period as against subsequent purchasers, optionees, mortgagees, creditors, or persons acquiring a lien upon the real estate, unless
        (1) a memorandum of the payment is recorded in the office of the recording district where the property is located;
        (2) the memorandum is recorded before the end of the statutory time for bringing an action upon the existing contract and extensions as exhibited by the terms of the recorded instrument; and
        (3) the memorandum is signed and acknowledged by the owner or the representative of the owner of the existing contract of indebtedness.

Notes

History

(Sec. 22-3-46 ACLA 1949; am Sec. 1 ch 105 SLA 1955)