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Sherin and Lodgen is a Boston based law firm specializing in real estate, litigation and business law.

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Mortgagees Beware! – The Massachusetts Obsolete Mortgages Statute Revisited

  
  
  
Ry-co mortgage

Written by: Andrew Royce

The recent Massachusetts Land Court decision in Ry-Co International, Ltd. v. VonIderstein, et al. is a salutary reminder to lenders making mortgage loans in Massachusetts and their counsel that the Massachusetts Obsolete Mortgages Statute (Mass. Gen. Laws chapter 260, section 33)  will cause an otherwise perfectly valid Massachusetts mortgage to be discharged without the lender’s knowledge  after the passage of 5 years from the maturity date stated in the mortgage or, if no maturity date is stated, after the passage of 35 years from the recording of the mortgage. The mortgagee can avoid such discharge by recording, before the expiration of such period, an extension of the mortgage or an acknowledgment or affidavit that the mortgage is not satisfied. Better yet is to not include the maturity date in the mortgage in the first place!

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