§ 34-25-10. Priority of open-end mortgages over encumbrances not previously recorded.
(a) The mortgage deed and the rights established therein, shall, to the extent of the
loans secured thereby, and interest, taxes, insurance premiums and other obligations
as secured thereby, have full priority over all mortgages, liens and encumbrances
which have not been recorded prior to the recording of the mortgage deed except as
otherwise hereinafter provided.
(b) If, after the recording of the mortgage deed, any writ of attachment attaching the
real estate mortgaged under the mortgage deed or any execution against th
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§ 34-25-10. Priority of open-end mortgages over encumbrances not previously recorded.
(a) The mortgage deed and the rights established therein, shall, to the extent of the
loans secured thereby, and interest, taxes, insurance premiums and other obligations
as secured thereby, have full priority over all mortgages, liens and encumbrances
which have not been recorded prior to the recording of the mortgage deed except as
otherwise hereinafter provided.
(b) If, after the recording of the mortgage deed, any writ of attachment attaching the
real estate mortgaged under the mortgage deed or any execution against the real estate
or any notice of lis pendens affecting the real estate or any subsequent mortgage
or lien against such real estate be recorded in the records of the city or town, any
optional or nonobligatory advances secured by the mortgage deed which are made by
the mortgagee after receipt of written notice by the mortgagee at the address provided
for such purpose in the mortgage deed, shall not have priority over the lien of the
writ of attachment, execution, lis pendens or subsequent mortgage or lien, except
that any obligatory advances which the mortgagee agreed to make by agreement entered
into with mortgagor prior to receipt of written notice and any taxes, insurance premiums
and obligations of the mortgagor as the mortgagee has agreed, or which the mortgagor
has given the mortgagee the right, to pay in connection with the mortgage deed, shall
continue to have priority over the writ of attachment, execution, lis pendens, or
subsequent mortgage or lien. For the purposes of this chapter, an "obligator advance�
is defined as any advance or principal which the mortgagee is obligated to make, absent
the occurrence of an event of default under the mortgage or any corresponding loan
agreement or notes, on or before a specified date or time or upon application therefor
by the mortgagor or other obligor whose indebtedness is secured by the mortgage.