(1) The lien of a mortgage or refinancing of a mortgage filed in the manner prescribed in section 42-6-121 or 426-129 shall remain valid and enforceable for a period of ten years after the filing of the certificate in the office of the director's authorized agent or until the discharge of the mortgage on the vehicle, if the discharge occurs sooner, except in the case of trailer coaches; truck tractors; multipurpose trailers, if known when filed; and motor homes, that are subject to the provisions of subsection (3) of this section. During the ten-year period or any extension of such period, the lien of the mortgage may be extended for successive three-year periods upon the holder of the mortgage presenting to the director's authorized agent of the county where the mortgage is filed or in the county where the owner resides a certification of extension of chattel mortgage, subscribed by the holder of the mortgage and acknowledged by the holder before an officer authorized to acknowledge deeds to real property, in which shall appear a description of the mortgage on the vehicle, to what extent it has been discharged or remains unperformed, and such other information respecting the mortgage as may be required by appropriate rule of the director to enable the director's authorized agent to properly record the extension.
Upon receipt of a mortgage extension, the authorized agent shall make and completethe electronic record of the extension as the director by rule may require within the director's or the authorized agent's motor and off-highway vehicle database and shall note the fact of the extension of the mortgage on the certificate of title, which may be filed electronically. Thereafter, the authorized agent shall return the certificate to the person shown on the certificate to be entitled to the certificate. If any mortgage other than one on a trailer coach; truck tractor; multipurpose trailer, if known when filed; or motor home has been filed for record and noted on the certificate of title and has not been released or extended within ten years after the date when the mortgage was filed in the office of the authorized agent, the person shown by the records in the director's office to be the owner of the motor or off-highway vehicle described in the certificate of title, upon filing an application, may request that the authorized agent remove references to the mortgages shown on the records. The authorized agent shall remove all reference to mortgages shown in the authorized agent's records to have been of record in the office of the authorized agent for more than ten years without being released or extended.
The duration of the lien of any mortgage on a trailer coach, as defined in section 421-102 (106)(a), a truck tractor, as defined in section 42-1-102 (109), a multipurpose trailer, as defined in section 42-1-102 (60.3), or a motor home, as defined in section 42-1-102 (57), shall be for the full term of the mortgage, but the lien of the mortgage may be extended beyond the original term of the mortgage for successive three-year periods by following the procedure prescribed in subsection (1) of this section during the term of the mortgage or any extension thereof.
Source: L. 94: Entire title amended with relocations, p. 2461, § 1, effective January 1, 1995; entire section amended, p. 920, § 1, effective January 1, 1995. L. 2000: (1) and (2) amended, p. 1666, § 21, effective July 1, 2001. L. 2009: Entire section amended, (HB 09-1089), ch. 196, p. 882, § 5, effective October 1. L. 2013: (2) amended, (SB 13-280), ch. 407, p. 2390, § 23, effective June 5.
Editor's note: (1) This section is similar to former § 42-6-126 as it existed prior to 1994, and the former § 42-6-127 was relocated to § 42-6-128.
(2) Amendments to this section by House Bill 94-1165 were harmonized with Senate Bill 94-001.