(a)For purposes of this section, “purchase money mortgage” means 1 or more of the following:
(1)A mortgage taken by the seller of the mortgaged property to secure the payment of all or part of the purchase price.
(2)A mortgage taken by a mortgagee other than the seller of the mortgaged property to secure the repayment of money actually advanced by the mortgagee to or on behalf of a mortgagor at the time the mortgagor acquires title to the property and used by the mortgagor at that time to pay all or part of the purchase price.
(b)A mortgage that states that the mortgage is intended to constitute a purchase money mortgage creates a rebuttable presumption that the mortgage is a purchase money mortgage under this section.
(c)A lien of a purchase money mortgage on lands or tenements,
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(a) For purposes of this section, “purchase money mortgage” means 1 or more of the following:
(1) A mortgage taken by the seller of the mortgaged property to secure the payment of all or part of the purchase price.
(2) A mortgage taken by a mortgagee other than the seller of the mortgaged property to secure the repayment of money actually advanced by the mortgagee to or on behalf of a mortgagor at the time the mortgagor acquires title to the property and used by the mortgagor at that time to pay all or part of the purchase price.
(b) A mortgage that states that the mortgage is intended to constitute a purchase money mortgage creates a rebuttable presumption that the mortgage is a purchase money mortgage under this section.
(c) A lien of a purchase money mortgage on lands or tenements, or any part thereof, has preference to and priority over a judgment against the mortgagor or any other lien created or suffered by the mortgagor, including a lien filed or entitled to be filed under Chapter 27 of this title, although the judgment or lien is of a date before the purchase money mortgage, if both of the following occur:
(1) The lands or tenements are sold and 1 or more purchase money mortgages on the lands or tenements, or any part thereof, are made by the purchaser to the seller or mortgagee for securing the purchase money, or any part thereof.
(2) The mortgages are recorded within 10 days after the deed conveying the land or tenements from the seller to the purchaser is recorded.
(d) As between 2 or more purchase money mortgages on the same land, the mortgages have priority and preference according to the times that the mortgages are severally recorded in the proper office. Two or more mortgages, recorded at the same time, do not have preference or priority as between themselves.