SB 3216

Abstract

Amends the Code of Civil Procedure. Provides that actions for the recovery of real property following a foreclosure shall be brought within 3 years after possession is taken. Provides that every person in the actual possession of lands or tenements, under claim and color of title, as a purchaser following a foreclosure, and who for 3 successive years continues in possession, and also, during such time, pays all taxes legally assessed on the lands or tenements, shall be held and adjudged to be the legal owner of the lands or tenements, to the extent and according to the purport of his or her paper title. In the Section concerning strict foreclosure of an omitted subordinate interest, provides that "omitted subordinate interest" includes a person who was a named party in a foreclosure action over which the court lacked personal jurisdiction due to defective service of process, or was a party over which the court initially had personal jurisdiction but whose judgment was vacated due to lack of personal jurisdiction over a co-defendant. Provides that a foreclosure proceeding may be reopened as to the defendant and co-defendants only if the defendant was a named party in the foreclosure action over which the court lacked personal jurisdiction due to defective service of process, and after the foreclosure proceeding is reopened, if the defendant is unsuccessful in defeating the foreclosure action, then the defendant or its co-defendants shall have the option to redeem the property. Provides that the redemption period shall extend 90 days after the entry of the order if the defendant has not been in possession of the real estate for a period of 6 months prior to the entry of the order. Provides that nothing in the Section concerning strict foreclosure affects any existing right that the holder of the certificate of sale or any person who acquired title following a judicial sale or any subsequent successor, assignee, transferee, or grantee of such a person may have against the defendant or the real estate. Makes other changes. Contains a statement of legislative purpose. Adds language concerning applicability and severability. Effective immediately.