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Committee hears proposal to restore older property restrictions; stakeholders say bill reconciles 2018 changes
Summary
Representative Wozniak and representatives of the Real Property Law Section and trade groups testified in support of House Bill 4524, a bill intended to clarify and preserve certain pre-1950 recorded property restrictions affected by 2018 amendments to the Marketable Record Title Act.
Representative Wozniak introduced House Bill 4524 and said stakeholders had largely agreed on language to resolve long-running title issues created by the 2018 amendments to the Marketable Record Title Act.
David Pearson of the Real Property Law Section told the committee that the Marketable Record Title Act (created in 1945) was designed to simplify title searches by limiting the chain of title to 40 years, but that industry practice of broad “proviso subject to” language had raised uncertainty about whether older restrictions remained enforceable. Pearson said the 2018 amendments required specific…
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