In Baughman v. Wells Fargo Bank, 2017 Opinion 50 (May 26, 2017) (slip op.), the Supreme Court addressed a matter of first impression related to the statute of limitations in Idaho Code § 5-214A. In this case, the plaintiffs filed suit to prevent foreclosure by arguing that the foreclosure proceeding was barred by the statute of limitations. Idaho Code § 5-214A provides: “An action for the foreclosure of a mortgage on real property must be commenced within five (5) years from the maturity date of the obligation or indebtedness secured by such mortgage.” (emphasis added). The district court concluded that despite the listed maturity date of March 2047 in the deed of trust, the bank’s recording of a notice of default in January 2009, which expressly declared that all sums secured by the deed of trust were immediately due and payable, triggered the five-year statute of limitations. The Supreme Court disagreed, concluding that a notice of default rendering amounts immediately due did not modify the expressly stated maturity date of March 2047. Slip op. at 6. Therefore, the five-year statute of limitations for foreclosure would not begin to run until the listed maturity date on the deed of trust: March 2047.
