33-714. Expiration of mortgage and deed of
trust; applicability
A. The lien of any mortgage or deed of trust on any real property that is
not otherwise satisfied or discharged expires at the later of the following times:
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 county recorder's records, ten
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 county recorder's records or
if there is no final maturity date or last date fixed for payment of the debt or
performance of the obligation, fifty years after the date the mortgage or deed of trust
was recorded.
3. If a notice of intent to preserve mortgage or deed of trust is recorded within
the time prescribed in paragraph 1 or 2, ten years after the date the notice is recorded.
B. The notice of intent to preserve mortgage or deed of trust shall be executed by
the owner of the obligation secured by the mortgage or deed of trust and shall contain
the instrument number or recorder's number of the mortgage or deed of trust.
C. Expiration of the lien of a mortgage or deed of trust pursuant to this section
is equivalent for all purposes to a satisfaction, reconveyance, release or other
discharge of the lien.
D. This section applies to all mortgages or deeds of trust whether created before
or after the effective date of this section.
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