Sec 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.