Act No. 8794 — An Act amending title 28, chapter 23, of the Virgin Islands Code relating to the foreclosure of Liens Upon Real Property
ACTNO.8 794 — BILL NO. 35-0099 THIRTY-FIFTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2023 An Act amending title 28, chapter 23, of the Virgin Islands Code relating to the foreclosure of Liens Upon Real Property Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 28, chapter 23 of the Virgin Islands Code is amended by inserting a new section 531A that reads as follows: § 531A. Ancient Mortgages (a) Ifthe lien of a mortgage, or other instrument that creates a security interest of record in real property to secure a debt or other obligation has earlier expired, the lien expires at, and is not enforceable by an action for foreclosure commenced, power of sale exercised, or any other means asserted after, the latest date of the following: (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 recorded evidence of indebtedness, five years after that date. …
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