44-8-15. Mortgages affecting real property--Defective assignments or discharges recorded prior to July 1, 1939, legalized--Rights or purchasers or encumbrancers protected--Use as evidence--Rights barred by no action. The record of any assignment or discharge of mortgage affecting real property, which was otherwise entitled to be recorded, and which, prior to January 1, 1992, was copied into the proper book of records kept in the office of any register of deeds, and which has been properly indexed against the real property affected by such instrument, shall be deemed to impart sufficient notice of such instrument and its contents to subsequent purchasers and encumbrancers, notwithstanding that the description of the real property affected by such instrument shall have been omitted therefrom; but nothing herein contained shall affect the rights of purchasers or encumbrancers prior to July 1, 1939.

If any person has any vested right in any real property by reason of any omission referred to in this section, and if no action or proceeding to enforce such right was commenced prior to July 1, 1993, such right shall be forever barred. No action or proceeding brought involving real property shall be of any force or effect, or maintainable in any court of this state, unless prior to July 1, 1993, there was recorded in the office of the register of deeds of the county in which the real property affected is situated, a notice of the pendency of such action, in accordance with chapter 15-10.

Source: SL 1920 (SS), ch 69; SDC 1939, §§ 39.0302, 65.0303; SL 1992, ch 307, § 57.