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Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7070
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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What is the stature of limitations for a security deed in

Customer Question

what is the stature of limitations for a security deed in the state Of Georgia ?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

This depends on the situation. What do you mean "security deed?" As in, to enforce a debt on which there is a lien and you own that lien? Or what exactly is the situation?

This is not an answer, but an information request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.

Customer: replied 1 year ago.
Thank you
I have vacant Lot in South Ga that I own .
in the 80's I owned a Home Center and built several house a year . on occasion I would give extra collateral such the lot.
Seems this lot has a security deed on record in the amount of a note that has paid off 30 years ago but this security deed was not realized for some reason? I think that security deed is not any good after
this long period of time?
Expert:  Ely replied 1 year ago.
Just to clarify, did someone pay money to you but you never took the security deed off? Or, vice versa?
Customer: replied 1 year ago.
I must have gave the security deed to the bank with another security deed with a home I was building . I finished that home , paid the bank the note but the extra collateral which was the vacant lot that I gave a security deed was never taken off record. 30 plus years ago
Question is there not a stature of limations on a security deed on a piece
Of property pertaining to the bank ? The lot sits vacant today and I have been painting taxes on it these 30 plus years .
Expert:  Ely replied 1 year ago.
I am going to opt out of your question and open this up for other experts.
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There is no need for you to reply at this time as this will "lock" your question back to me, thus inadvertently delaying other experts' access to it.
My apologies for any inconvenience and good luck.
Expert:  Attyadvisor replied 1 year ago.

Welcome and thank you for your question. I am different attorney. For any debt that was paid off you should have received a release that you would have recorded that would show the security deed was satisfied in full.


29. Release.Provided that (i) all Indebtedness secured by this Security Instrument has been paid or performed in full, and (ii) all fees due Lender in connection with release of this Security Instrument have been paid, this Security Instrument shall be canceled and surrendered by Lender. Upon the payment and performance in full of all Indebtedness, and upon request of Borrower, Lender shall also surrender to Borrower the Note and all other documents evidencing the Indebtedness secured by this Security Instrument. The recitals in the release of any matters or facts shall be conclusive proof of their truthfulness. Such release shall operate as a reassignment of the Rents and profits assigned to Lender under the Assignment of Leases and Rents. Lender shall deliver this Security Instrument and the Note after release to the Person or Persons legally entitled thereto.”

It should have been properly released.

The statute of limitations on a security deed is 20 YEARS AFTER MATURITY

The difference with recorded documents is that they are a little trickier to remove. There a couple ways to have this removed. Is the person or company that had the security deed still available to sign a release? the court can release the liens against your property. The easiest path is getting a release, which you are owed, if not the court can order the release.

Have you spoken to a title company?

Expert:  Attyadvisor replied 1 year ago.

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Please do not hesitate to ask me ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you. If you would be kind enough to rate my service so I may receive credit for my work I would appreciate it.

The attorneys do not receive credit for their time and work if you do not rate us positively. Thank you for your consideration. We appreciate your business.

Expert:  Attyadvisor replied 1 year ago.

Please ignore the additional services request. I hope that I answered your question. Thank you for using JA!
We appreciate your business.