LIMITATIONS-EQUITABLE MORTGAGE

Amends the Limitations Article of the Code of Civil Procedure. Provides that an action to establish an equitable mortgage or equitable lien against real estate or a claim for subrogation to a prior mortgage shall be commenced within 10 years after the cause of action accrues. Provides that no person shall commence an action to foreclose any equitable mortgage, equitable lien against real estate, or subrogor's mortgage, unless the action is filed within 10 years after the cause of action accrues. Provides that, with exceptions, a cause of action accrues when the debt held by the equitable mortgagee, equitable lien claimant, or subrogee is in default by way of maturity, acceleration, demand, or otherwise. Provides that the amendatory language is declarative of existing law.