Construction of act; purpose; extinguishment of claim

This act must be construed to effect the legislative purpose of simplifying and facilitating land title transactions by allowing persons dealing with the record title owner, as defined in this act, to rely on the record title covering a period of not more than 20 years for mineral interests and 40 years for other interests before the date of such dealing and to that purpose, to extinguish all claims that affect or may affect the interest dealt with, subject to the exception under section 3 for interests that may be preserved and kept effective by recording not later than 2 years after the effective date of the amendatory act that added section 5a or the exceptions under section 4, the existence of which claims arises out of or depends on any act, transaction, event, or omission antedating the 20-year period for mineral interests and the 40-year period for other interests, unless within the 20-year period for mineral interests or the 40-year period for other interests a notice of claim as provided in section 3 has been recorded, or a notice of claim as provided in section 3 has been recorded not later than 2 years after the effective date of the amendatory act that added section 5a for interests that may be preserved and kept effective by recording under section 3, or the interest is excepted under section 4. The claims extinguished by this act are any and all interests of any nature whatever, however denominated, and whether the claims are asserted by a person sui juris or under disability, whether the person is within or outside this state, and whether the person is natural or corporate, or private or governmental.