1. (1) The instrument according to its terms has expired;
2. (2) One year has elapsed since the time of expiration; and
3. (3) No grant or other instrument has been recorded showing that the option has been exercised.

A recorded instrument, recorded modification, or any amendment of a recorded instrument or recorded modification creating an option to purchase property, or any memorandum of option recorded under § 3-101(f) of this article ceases to be actual or constructive notice to any person or to put any person on inquiry as to existence or exercise of the option, if:

Added by Acts 1974, c. 12, § 2, eff. July 1, 1974. Amended by Acts 1999, c. 689, § 1, eff. Oct. 1, 1999.

Formerly Art. 21, § 10-402.