Rhode Island § 34-25-12 § 34-25-12. Discharge of open-end mortgage.

Rhode Island Statutes

§ 34-25-12 — § 34-25-12. Discharge of open-end mortgage.

Rhode Island·Title 34 Property·Ch. 34-25 Future Loans and After-Acquired Property

§ 34-25-12. Discharge of open-end mortgage.
(a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated
            to discharge the mortgage until the mortgagee receives full satisfaction for the money
            due thereon and receives such written agreements as the mortgagee shall reasonably
            request releasing the mortgagee from any further obligation to make future advances
            under any and all notes and agreements theretofore secured by the mortgage deed.
         
(b) Notwithstanding the provisions of any agreement by and between the mortgagee and the
            mortgagor or a

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§ 34-25-12. Discharge of open-end mortgage.

(a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated to discharge the mortgage until the mortgagee receives full satisfaction for the money due thereon and receives such written agreements as the mortgagee shall reasonably request releasing the mortgagee from any further obligation to make future advances under any and all notes and agreements theretofore secured by the mortgage deed.

(b) Notwithstanding the provisions of any agreement by and between the mortgagee and the mortgagor or any other person, the mortgagee under the mortgage shall have the option to discharge any mortgage if there has existed no outstanding indebtedness thereunder for a continuous period of not less than two (2) years, and effective upon the recording of the discharge, the mortgagee shall be released and discharged from any further obligation to make any loans or advances under any notes or agreements executed in connection with the mortgage.

Rhode Island § 34-25-12 (§ 34-25-12. Discharge of open-end mortgage.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.