Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
Each state has different rules that apply to a mortgage that has sat dormant on a property without any legal activity, or notification by its holder that a secured interest still exists. For example, in Ohio the statute of limitations is 21 years. This means that if a mortgage were recorded on a property, and then left alone, unless there was some action to contest it, or have it removed, it would automatically expire after 21 years.