Rhode Island § 34-25-9 § 34-25-9. Form of open-end mortgage.

Rhode Island Statutes

§ 34-25-9 — § 34-25-9. Form of open-end mortgage.

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

§ 34-25-9. Form of open-end mortgage.
In order to be entitled to the benefits of this chapter, a mortgage deed shall comply
            with the following provisions:
         
(1) The mortgage deed shall contain specific provisions permitting the future advances;
         
(2) At no time shall the unpaid principal balance of indebtedness outstanding under the
            mortgage deed exceed the stated amount thereof;
         
(3) All future advances shall be evidenced by a note or notes and/or an agreement signed
            by the obligor whose indebtedness is secured by the mortgage deed;
         
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§ 34-25-9. Form of open-end mortgage.

In order to be entitled to the benefits of this chapter, a mortgage deed shall comply with the following provisions:

(1) The mortgage deed shall contain specific provisions permitting the future advances;

(2) At no time shall the unpaid principal balance of indebtedness outstanding under the mortgage deed exceed the stated amount thereof;

(3) All future advances shall be evidenced by a note or notes and/or an agreement signed by the obligor whose indebtedness is secured by the mortgage deed;

(4) The original mortgage deed shall be executed and recorded on or after June 1, 1983; and

(5) The mortgage shall provide an address at which mortgagee will accept written notices pursuant to §§ 34-25-10(b) and 34-25-11. The application of this section shall be retroactive to June 1, 1983.

Rhode Island § 34-25-9 (§ 34-25-9. Form of open-end mortgage.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.