This new act creates a process for property owners to record an amendment that effectively removes a discriminatory restrictive covenant from the deed to their property. The act does not allow the physical removal, redaction, or modification of any records in the chain of title so that the historical records and insurability of title can be preserved. While some states have already taken action to allow the removal of unlawful restrictions, the uniform act includes a straightforward procedure for removing restrictions that are discovered in the land records of condominiums, co-ops, and planned communities, which sets it apart from other state-level legislation.
A drafting committee aims to resolve uncertainty and inconsistency in the current law on mortgage modifications. The new act will aim to clarify the types of mortgage modifications that can be made without modifying the priority of junior and senior lienholders, specify which types of modification require documentation in public land records, and decrease the delays that are often associated with modifying a mortgage. By clarifying the law on mortgage modifications, this draft act strives to reduce the number of foreclosures and facilitate cooperation between lenders and borrowers. This new act will not be approved before summer 2024.
In 2020, a New Jersey federal judge’s husband and son were shot at their front door by a disgruntled former litigant who targeted the judge’s family by getting her home address from public records. In the wake of this horrific act of violence, states have begun to pass legislation allowing personal information of judges and other public officials to be redacted from public records. The drafting committee aims to address the inconsistency that has appeared amongst these state laws and create one uniform procedure for redaction.
This committee is studying the need for and feasibility of updates to the Model Marketable Title Act. The Model Act, which was derived from Article 3 of the Uniform Simplification of Land Transfers Act, was originally promulgated in 1990 and enacted in one state before being withdrawn as obsolete in 2015. However, about 20 states currently have non-uniform marketable title statutes, with widely varying look-back periods and exceptions. The committee will determine whether a more uniform approach would be beneficial and feasible.
This committee is studying the need for and feasibility of a uniform or model act addressing issues related to the use of blockchain-based non-fungible tokens and other technology to modernize and simplify the transfer and financing of real property.
This committee is studying the need for and feasibility of a uniform or model act providing for standardization of disclosure requirements for commercial financing, including traditional bank loans and other products such as factoring and revenue-based financing. In assessing the viability of a uniform or model act, the drafting committee will consider whether such an act would increase efficiency and reduce compliance costs and uncertainty surrounding which law should govern when a transaction involves parties in two or more states.
The RPTE Section appoints at least one Advisor to each uniform law commission project involving the law of real property, trusts and estates. All uniform law drafting committees are open to any interested observer and members of the RPTE Section are encouraged to join and contribute their relevant expertise. Visit www.uniformlaws.org to find more information on these committees and on other ULC projects.
