§ 34-23-3 - Time within which redemption allowed.
SECTION 34-23-3
§ 34-23-3 Time within which redemptionallowed. – No mortgagor, his or her heirs, executors, administrators, successors, orassigns shall be allowed to redeem any mortgaged real estate, but shall beforever barred and foreclosed of all equity and right of redemption therein,unless the mortgagor, his or her heirs, executors, administrators, successors,or assigns shall pay to the mortgagee, his or her heirs, executors,administrators, successors, or assigns the full sum, both principal andinterest, due on the mortgage, within three (3) years after the mortgagee, orother person claiming under him or her, shall by process of law, or bypeaceable and open entry made in the presence of two (2) witnesses, have takenactual possession of the mortgaged estate and continued the mortgage during theterm.