If a recorded instrument creates or gives constructive notice of an option to purchase real property, the option expires of record if no conveyance, contract, or other instrument that gives notice of exercise or extends the option is recorded within the following times:
(a) If the expiration date of the option is ascertainable from the recorded instrument, six months after that expiration date.
(b) If the expiration date of the option is not ascertainable from the recorded instrument or the recorded instrument indicates that the option provides no expiration date, six months after the date the instrument that creates or gives constructive notice of the option is recorded.
(c) This section shall become operative on January 1, 2013.
(Repealed (in Sec. 2) and added by Stats. 2011, Ch. 46, Sec. 3. (SB 284) Effective January 1, 2012. Section operative January 1, 2013, by its own provisions.)