§ 89-1-49. Extinguishment of mortgage; applicability; line of credit.
(1) Except as provided in subsections (2) and (4) of this section, payment of the money secured by any mortgage or deed of trust shall extinguish it, and revest the title in the mortgagor as effectually as if reconveyed.
(2) This section shall have no application to security agreements executed under the Mississippi Uniform Commercial Code nor to security interests created by such security agreements.
(3) As used in this section, the term "line of credit" means any loan, extension of credit or financing arrangement where the lender has agreed to make additional or future advances.
(4) This section shall have no application to a mortgage or deed of trust which states on its face that it secures a line of credit; nor to one which secures a line of credit and, under prior law, was not required to state on its face that it secures a line of credit. Mortgages or deeds of trust not covered by this section shall be extinguished as provided in subsection (5) of Section 89-5-21.
§ 89-1-49. Extinguishment of mortgage; applicability; line of credit.
(1) Except as provided in subsections (2) and (4) of this section, payment of the money secured by any mortgage or deed of trust shall extinguish it, and revest the title in the mortgagor as effectually as if reconveyed.
(2) This section shall have no application to security agreements executed under the Mississippi Uniform Commercial Code nor to security interests created by such security agreements.
(3) As used in this section, the term "line of credit" means any loan, extension of credit or financing arrangement where the lender has agreed to make additional or future advances.
(4) This section shall have no application to a mortgage or deed of trust which states on its face that it secures a line of credit; nor to one which secures a line of credit and, under prior law, was not required to state on its face that it secures a line of credit. Mortgages or deeds of trust not covered by this section shall be extinguished as provided in subsection (5) of Section 89-5-21.
§ 89-1-49. Extinguishment of mortgage; applicability; line of credit.
(1) Except as provided in subsections (2) and (4) of this section, payment of the money secured by any mortgage or deed of trust shall extinguish it, and revest the title in the mortgagor as effectually as if reconveyed.
(2) This section shall have no application to security agreements executed under the Mississippi Uniform Commercial Code nor to security interests created by such security agreements.
(3) As used in this section, the term "line of credit" means any loan, extension of credit or financing arrangement where the lender has agreed to make additional or future advances.
(4) This section shall have no application to a mortgage or deed of trust which states on its face that it secures a line of credit; nor to one which secures a line of credit and, under prior law, was not required to state on its face that it secures a line of credit. Mortgages or deeds of trust not covered by this section shall be extinguished as provided in subsection (5) of Section 89-5-21.
