§ 34-4-22 - Expiration of recorded options affecting real estate.
SECTION 34-4-22
§ 34-4-22 Expiration of recorded optionsaffecting real estate. – When a recorded instrument has created, or shall create, an option to purchaseor lease real estate, other than housing restrictions as set forth in §34-39.1-3, and conservation restrictions and preservation restrictions as setforth in §§ 34-39-3 and 34-39-4, which, according to its terms, or byoperation of law, has expired, and one year has elapsed since the time ofexpiration, and no conveyance, contract, lease, or other instrument has beenrecorded showing that the option has been exercised or extended, then theinstrument creating the option shall cease to be notice to any person or to putany person on inquiry, with respect to the existence, exercise, or extension ofthe option or of any contract, conveyance, lease, or other writing which mayhave been executed pursuant to the option. The one year period provided for inthis section shall not be extended by any disability, absence from the state,acknowledgment, or new promise not of record, payment after maturity, or forany other cause.