§ 34-13.1-1. Marketable record title - Definitions. As used in this chapter:

(a) "Marketable record title" means a title of record which operates to extinguish such interest and claims, existing prior to the effective date of the root of title as are stated in § 34-13.1-4.

(b) "Person dealing with land" includes a purchaser of any estate or interest therein, a mortgagee, an attaching or judgment creditor, or any other person seeking to acquire an estate or interest therein, or impose a lien thereon;

(c) "Recorded" means recorded as provided by chapter 13 of this title;

(d) "Records" means the Land Evidence Records of the town or city where the particular land is located;

(e) "Root of title" means that conveyance or other title transaction in the chain of title of a person, purporting to create or containing language sufficient to transfer the interest claimed by such person, upon which he relies as a basis for the marketability of his title, and which was the most recent to be recorded as of a date forty (40) years prior to the time when marketability is being determined. The effective date of the root of title is the date on which it is recorded;

(f) "Title transaction" means any transaction affecting title to any interest in land, including, but not limited to, title by will or descent, title by tax deed, by public sale, by trustee's, referee's, guardian's, executor's, administrator's, conservator's, Tax collector's, sheriff's, commissioner's, constable's warranty or quitclaim deed, by mortgagee's deed or by decree of any court.

History of Section. (P.L. 1995, ch. 241, § 1; P.L. 1995, ch. 299, § 1; P.L. 2011, ch. 363, § 14.)