Any person, that has the legal capacity to own land in this state, that has an unbroken chain of title of record to any interest in land for 20 years for mineral interests and 40 years for other interests, is at the end of the applicable period considered to have a marketable record title to that interest, subject only to claims to that interest and defects of title that are not extinguished or barred by the application of this act and subject also to any interests and defects that are inherent in the provisions and limitations contained in the muniments of which the chain of record title is formed and that are recorded on or before September 29, 2025 or during the 20-year period for mineral interests and the 40-year period for other interests. However, a person is not considered to have a marketable record title under this act if the land in which the interest exists is in the hostile possession of another.