§ 10-402. Recorded options as notice

Latest version.

   A recorded instrument, recorded modification, or any amendment of a recorded instrument or recorded modification creating an option to purchase property, or any memorandum of option recorded under § 3-101(f) of this article ceases to be actual or constructive notice to any person or to put any person on inquiry as to existence or exercise of the option, if:

   (1) The instrument according to its terms has expired;

   (2) One year has elapsed since the time of expiration; and

   (3) No grant or other instrument has been recorded showing that the option has been exercised.

HISTORY: An. Code 1957, art. 21, § 10-402; 1974, ch. 12, § 2; 1999, ch. 689.

                    
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