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General Assembly Raised Bill No. 6878
January Session, 2025
LCO No. 4142
Referred to Committee on BANKING
Introduced by:
(BA)
AN ACT CONCERNING MORTGAGE FORECLOSURES AND
UNDISCHARGED MORTGAGES.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective July 1, 2025) Notwithstanding any 1
provision of the general statutes, an action to foreclose a mortgage on 2
residential real property, as defined in section 49-31k of the general 3
statutes, shall not be commenced following the earliest of: 4
(1) Ten years from the date fixed for the making of the last payment 5
or the maturity date set forth in the mortgage or the note, bond or other 6
obligation secured by the mortgage, whether the date is itself set forth 7
or may be calculated from information contained in the mortgage or 8
note, bond or other obligation, except if the date fixed for the making of 9
the last payment or the maturity date has been extended by a written 10
instrument, the action to foreclose shall not be commenced after ten 11
years from the extended date under the terms of the written instrument; 12
(2) Forty years from the date of recording of the mortgage, or, if the 13
mortgage is not recorded, forty years from the date of execution, 14
provided the mortgage itself does not provide for a period of repayment 15 Raised Bill No. 6878
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in excess of forty years; or 16
(3) Ten years from the date on which the debtor defaulted, which 17
default has not been cured, as to any of the obligations or covenants 18
contained in the mortgage or in the note, bond or other obligation 19
secured by the mortgage, except if the date to perform any of the 20
obligations or covenants has been extended by a written instrument or 21
payment on account has been made, the action to foreclose shall not be 22
commenced after ten years from the date on which the default or 23
payment on account thereof occurred under the terms of the written 24
instrument. 25
Sec. 2. Section 49-13a of the general statutes is repealed and the 26
following is substituted in lieu thereof (Effective July 1, 2025): 27
(a) When record title to real property remains encumbered by any 28
undischarged mortgage, and the mortgagor or those owning the 29
mortgagor's interest therein have been in undisturbed possession of the 30
property for at least [twenty] ten years after the expiration of the time 31
limited in the mortgage for the full performance of the conditions 32
thereof, or for at least forty years from the recording of the mortgage if 33
the mortgage does not disclose the time when the note or indebtedness 34
is payable or the time for full performance of the conditions of the 35
mortgage, unless a notice is recorded pursuant to subsection (b) of this 36
section, the mortgage shall be invalid as a further lien against the real 37
property, provided an affidavit, subscribed and sworn to by the party 38
in possession, stating the fact of such possession, is recorded on the land 39
records of the town in which the property is situated. 40
(b) The record holder of an undischarged mortgage on real property 41
may, prior to the expiration of the applicable time period specified in 42
subsection (a) of this section, record a notice, on the land records of the 43
town in which the property is situated, that contains: (1) The name or 44
names of the mortgagors; (2) the recording information for the mortgage 45
and any assignment of the mortgage; and (3) a statement of the reasons 46
why the mortgage is valid and effective. Upon the recording of such 47 Raised Bill No. 6878
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notice in accordance with this subsection, the applicable time period 48
after which the mortgage shall be invalid as a further lien against the 49
real property as provided in subsection (a) of this section shall be tolled 50
for a period of ten years from the recording of such notice. Any such 51
notice shall be indexed in the grantor's index under the name or names 52
of the mortgagors and in the grantee's index under the name of the 53
record holder of the mortgage. 54
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2025 New section
Sec. 2 July 1, 2025 49-13a
BA Joint Favorable