Rhode Island § 34-26-4 § 34-26-4. Requiring assignment of mortgage in lieu of discharge — Enforcement by incumbrancers.

Rhode Island Statutes

§ 34-26-4 — § 34-26-4. Requiring assignment of mortgage in lieu of discharge — Enforcement by incumbrancers.

Rhode Island·Title 34 Property·Ch. 34-26 Redemption, Release, and Transfer of Mortgages

§ 34-26-4. Requiring assignment of mortgage in lieu of discharge — Enforcement by incumbrancers.
Where a mortgagor is entitled to redeem, he or she shall by virtue of this section
            have power to require the mortgagee, instead of discharging or reconveying, and on
            the terms on which he or she would be bound to discharge or reconvey, to assign the
            mortgage debt and convey the mortgaged property to such third person as the mortgagor
            directs; provided, that the mortgagor assumes the expense of making the assignment
            and conveyance, and obligates himself or herself to have the same recorded, and the
            fact of the transfer being made shall be prima facie evid

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§ 34-26-4. Requiring assignment of mortgage in lieu of discharge — Enforcement by incumbrancers.

Where a mortgagor is entitled to redeem, he or she shall by virtue of this section have power to require the mortgagee, instead of discharging or reconveying, and on the terms on which he or she would be bound to discharge or reconvey, to assign the mortgage debt and convey the mortgaged property to such third person as the mortgagor directs; provided, that the mortgagor assumes the expense of making the assignment and conveyance, and obligates himself or herself to have the same recorded, and the fact of the transfer being made shall be prima facie evidence that the assumption of expense and the obligation have been made; and the mortgagee shall, by virtue of this section, be bound, on being relieved of all expense and having the obligation made to him or her, to assign and convey accordingly; and the right shall belong to and be capable of being enforced by each incumbrancer, or by the mortgagor, notwithstanding any intermediate incumbrance, but a requisition of an incumbrancer shall prevail over a requisition of the mortgagor and, as between incumbrancers, a requisition of a prior incumbrancer shall prevail over a requisition of a subsequent incumbrancer. This section does not apply in the case of a mortgagee being or having been in possession.

Rhode Island § 34-26-4 (§ 34-26-4. Requiring assignment of mortgage in lieu of discharge — Enforcement by incumbrancers.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.