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§ 5-102. Action on specialties

West's Annotated Code of MarylandCourts and Judicial ProceedingsEffective: July 1, 2014

West's Annotated Code of Maryland
Courts and Judicial Proceedings
Title 5. Limitations, Prohibited Actions, and Immunities (Refs & Annos)
Subtitle 1. Limitations (Refs & Annos)
Effective: July 1, 2014
MD Code, Courts and Judicial Proceedings, § 5-102
§ 5-102. Action on specialties
In general
(a) An action on one of the following specialties shall be filed within 12 years after the cause of action accrues, or within 12 years from the date of the death of the last to die of the principal debtor or creditor, whichever is sooner:
(1) Promissory note or other instrument under seal;
(2) Bond except a public officer's bond;
(3) Judgment;
(4) Recognizance;
(5) Contract under seal; or
(6) Any other specialty.
Payment of principal or interest on specialty
(b) A payment of principal or interest on a specialty suspends the operation of this section as to the specialty for three years after the date of payment.
Specialties taken for use of the State
(c) This section does not apply to:
(1) A specialty taken for the use of the State; or
(2) A deed of trust, mortgage, or promissory note that has been signed under seal and secures or is secured by owner-occupied residential property, as defined in § 7-105.1 of the Real Property Article.

Credits

Added by Acts 1973, 1st Sp. Sess., c. 2, § 1, eff. Jan. 1, 1974. Amended by Acts 2014, c. 592, § 1, eff. July 1, 2014.
Formerly Art. 57, § 3.

Editors' Notes

HISTORICAL AND STATUTORY NOTES
2014 Legislation
Acts 2014, c. 592, § 1, rewrote subsec. (c), which previously had read:
“(c) This section does not apply to a specialty taken for the use of the State.”
Acts 2014, c. 592, §§ 3, 4, and 6, provide:
“SECTION 3. AND BE IT FURTHER ENACTED, That, except as provided in Section 4 of this Act, Section 1 of this Act shall be construed to apply prospectively to any cause of action that arises on or after the effective date of this Act.
“SECTION 4. AND BE IT FURTHER ENACTED, That any cause of action to collect the unpaid balance due on a deed of trust, mortgage, or promissory note that has been signed under seal and secures or is secured by residential property that was owner-occupied residential property at the time the property was transferred with the unpaid balance that arises before July 1, 2014, and would not be barred under § 5-102 of the Courts and Judicial Proceedings Article before July 1, 2014, must be filed within 12 years after the date the action accrues or before July 1, 2017, whichever occurs first.”
“SECTION 6. AND BE IT FURTHER ENACTED, That any motion for a deficiency judgment on a deed of trust, mortgage, or promissory note that secures or is secured by residential property that was owner-occupied residential property at the time the order to docket or complaint to foreclose was filed for which an auditor's report has final ratification before July 1, 2014, and would not be barred under Maryland Rule 14-216 before July 1, 2014, must be filed within 3 years after the date of final ratification or before July 1, 2017, whichever occurs first.”
MD Code, Courts and Judicial Proceedings, § 5-102, MD CTS & JUD PRO § 5-102
Current through legislation effective July 1, 2019, from the 2019 Regular Session of the General Assembly.
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