Why don't I just save the law reference??????

Anyone know anything about maturity dates on mortgages? Long ago at a bank far away, we did not put maturity dates on mortgages as there was a "built in" term in the law. Then we could keep referencing the old mortgage with new notes.

It would be nice to know if this argument held some water......

I'm afraid I don't have the code site but we've been told by our attorney that Iowa law says that if there is no maturity on the mortgage that the mortgage is good for 20 years from the date of the mortgage. If there is a maturity date there is a 10 year grace period before the mortgage expires.

Hope this helps!

Me again. I just found the reference. It's Iowa Code 614.21 - Foreclosure of Ancient Mortgages. This section states "no action shall be maintained to foreclose or enforce any real estate mortgage, bond for deed, trust deed, or contract for the sale or conveyance of real estate" AFTER either: 1)Twenty years from the date therof, as shown by the record of such instrument (date of filing), or 2)The record of such instrument shows that less than ten years have elapsed since the date of maturity of the indebtedness (unless there has been an extension of the instrument, then the new statute of limitation date is 10 years form the date of the extension).

Thanks for the quick reply.......I'm heading out to that section of the code. Happy Friday - - -get home before the snow flies.