4.2.2 Statute of Limitations.

• Jurisdiction: Arizona

A.R.S. § 33-714 provides a statute of repose: the lien of a mortgage that is not otherwise satisfied or discharged expires at the later of (1) 10 years after the final maturity date or last date fixed for payment or performance, if such a date is ascertainable from the county recorder’s records, or (2) 50 years after the date the mortgage was recorded if the final date for performance or maturity is not ascertainable from the county records or is not stated in the instrument. The expiration provided by the statute may be extended for 10 years if a notice of intent to preserve the mortgage is recorded before the statutory expiration. Such a notice must be recorded by the owner of the secured obligation, and include the recorder’s number or instrument number. The expiration provided by § 33-714 is equivalent to a satisfaction or reconveyance, and applies to all mortgages created both before and after the effective date of the statute. Generally, the lien of any mortgage or deed of trust on any real property that is not satisfied or discharged expires at the later of the following times:

(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 county recorder’s records, ten years after that date;

(2) If the final maturity date or the last date fixed for payment of the debt or performance of the obligation is not ascertainable from the county recorder’s records or if there is no final maturity date or last date fixed for payment of the debt or performance of the obligation, fifty years after the date the mortgage or deed of trust was recorded;

(3) If a notice of intent to preserve the mortgage or deed of trust is recorded within the time prescribed in paragraph 1 or 2, ten years after the date the...