§ 34-25-14 — § 34-25-14. Mortgagees authorized to take open-end mortgages.

§ 34-25-14. Mortgagees authorized to take open-end mortgages.

(a) Domestic building-loan associations, whether organized by special act of the general assembly or pursuant to the provisions of chapter 22 of title 19, foreign building-loan associations subject to the provisions of chapter 24 of title 19, savings and loan associations organized under the laws of the United States, credit unions subject to the provisions of chapter 21 of title 19, loan and investment banks subject to the provisions of chapter 20 of title 19 and other financial institutions are expressly authorized to make loans secured by mortgages entitled as provided in § 34-25-8 and containing the provisions required in §§ 34-25-8 and 34-25-9 to be contained in the provisions of such mortgages; provided, that such loans comply in other respects with the requirements of law, if any, relating to loans secured by real estate mortgages made by those institutions.

(b) Other mortgagees are authorized to make loans on the security of such mortgages if such mortgages comply with the requirements of §§ 34-25-8 — 34-25-14.

Legislative History

P.L. 1983, ch. 230, § 1.