In what cases is the cancellation of mortgage loans allowed through a private instance in the Registry

Apart from the general procedure for canceling the mortgage loan through the execution of a public deed by the mortgagee, there are other cases regulated in the Mortgage Law that allow its cancellation by private instance.

Article 82, fifth paragraph of the Mortgage Law contemplates a case of legal expiration, which allows any registered owner of the right to the property to request the cancellation of the loan without the need to grant a deed, due to the expiration of the prescription period of the mortgage action , specifically regulates << At the request of the registry owner of any right over the affected property, the resolution conditions may be canceled in guarantee of the deferred price referred to in article 11 of this Law and of mortgages in guarantee of any kind of obligation, for which a specific period of duration had not been agreed, when the period indicated in the applicable civil legislation for the prescription of the actions derived from said guarantees has elapsed or the shortest that for these purposes had been stipulated at the time of its constitution, counted from the day on which the provision whose fulfillment is The guarantee should have been fully satisfied according to the Registry, provided that within the following year it does not result from the same that the mortgage has been renewed, interrupted or duly executed . >>
We are facing a case of expiration of the registration.

In addition, a priori, the general term will be twenty-one years, a period of time necessary to be able to effect the cancellation through a private instance with a signature legitimized before a Notary or ratified before the competent Registrar.

Said term is twenty years as it is the term indicated in the applicable civil legislation for the prescription of the mortgage action (article 128 of the Mortgage Law and article 1964 of the Civil Code), and one more year, according to the last lines of article 82.5, that is, provided that within the following year it does not result from the same that they have been renewed, interrupted the prescription or duly executed the mortgage.

In addition, article 210, eighth rule of the Mortgage Law allows the legal cancellation or extinction of the registered security right, at the request of any interested party when the date on which the full payment of the guaranteed obligation should have occurred is not recorded in the Registry, When twenty years have elapsed from the date of the last entry in which the claim of the guaranteed obligation is recorded or, failing that, forty years from the last entry relating to the ownership of the guarantee itself.

In this second case, the private instance with a signature legitimated before a Notary Public or ratified before the competent Registrar will also suffice.