(1) Concerning an interest in land, whenever an instrument of conveyance (including but not limited to a deed of trust or assignment), release, termination or cancellation which contains a defective acknowledgement has been of record seven (7) years or more in the land records of the county in which the said land is located, the acknowledgment shall be good without regard to the form of the certificate of acknowledgment.
(2) Any such instrument which has been of record for ten (10) years and which bears no acknowledgement shall likewise be treated as if properly acknowledged.
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