HB 279

Abstract

Amends the Conveyances Act. Provides that a party to a settlement that will convey legal or equitable title to real estate or any interest in real estate or create any lien on real estate by way of a mortgage may file a notice of settlement with the recorder of deeds of the county in which the real estate is situated. Permits the recorder of deeds to charge a fee for filing a notice of settlement. Provides that a notice of settlement shall not be recorded. Sets forth the required form and contents of a notice of settlement. Provides that, after the filing of a notice of settlement, any person claiming title to, an interest in, or a lien upon the real estate described in the notice through any party in the notice shall be deemed to have acquired the title, interest, or lien with knowledge of the anticipated settlement and shall be subject to the terms, conditions, and provisions of the deed or mortgage between the parties filed within the specified period. Provides that a notice of settlement is effective for 45 days from the date of filing and any lien filed during the 45 days shall attach to the premises described in the notice immediately upon the expiration of the 45 days if the premises have not been conveyed and notwithstanding the filing of a subsequent notice of settlement. Effective 60 days after becoming law.