SB 51 - AS INTRODUCED
2015 SESSION
05/08
SENATE BILL 51
AN ACT relative to the statute of limitations for recovery of a deficiency judgment after a mortgage foreclosure.
SPONSORS: Sen. Pierce, Dist 5; Sen. Soucy, Dist 18; Sen. Fuller Clark, Dist 21; Rep. Butler, Carr 7
This bill establishes a 6-year statute of limitations for recovery of a deficiency judgment after a mortgage foreclosure.
The bill is a request of the commission to study New Hampshire mortgage foreclosure law, established in RSA 479:21-a (2014, 198).
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
15-0201
05/08
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fifteen
AN ACT relative to the statute of limitations for recovery of a deficiency judgment after a mortgage foreclosure.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Statutes of Limitation Regarding Mortgage Deficiency. Amend RSA 508:2 by inserting after paragraph II the following new paragraph:
III. No action for recovery of a mortgage deficiency resulting from a foreclosure sale of residential property under RSA 479 shall be brought after 6 years from the date of the foreclosure sale. In this paragraph, “residential property” means an owner-occupied dwelling of 4 or fewer units.
2 Statute of Limitations on Mortgage Notes. Amend RSA 508:6 to read as follows:
508:6 Mortgage Notes. Except as otherwise provided in RSA 508:2, III, actions upon notes secured by a mortgage of real estate may be brought so long as the plaintiff is entitled to bring an action upon the mortgage.
3 Effective Date. This act shall take effect January 1, 2016.