Legal Question in Real Estate Law in Arizona
I purchased my home from my parents back in 1991. It has come to light that there may be 1 or even 2 promissory notes that were made back in the 1960's. The records with the country recorders office do not show any release from those promissory notes. My mother says they were paid off but we have nothing to show of it. They do have dates that show when final payment was to be made so is it correct that since it has been long over 6 years that final payment was due these are no longer collectable in the event there is no release?
1 Answer from Attorneys
The statute of limitation to enforce a promissory note is 6 years. under ARS 33-998, the statute of limitation to do a trustee sale under a deed of trust is the same as the statute of limitation for the note. Therefore, if the statute of limitations to enforce the note has expired, so has the statute of limitation for trustee sale or foreclosure.
All of that being said, the lien is of record, and if your parents ever decide to sell the house, the title company may give them problems because the lien is still of record. Therefore, you may have to do a quiet title action to get it released in order to transfer the property and allow the buyer/transferee to get title insurance.
(602) 923-7370
www.scotthyderlaw.com
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
