Section 10-402 - Recorded Options as Notice

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