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

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SECTION 34-25-9

§ 34-25-9 Form of open-end mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:

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

(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;

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

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

(5) The mortgage shall provide an address at which mortgageewill 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.

State Codes and Statutes

Statutes > Rhode-island > Title-34 > Chapter-34-25 > 34-25-9

SECTION 34-25-9

§ 34-25-9 Form of open-end mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:

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

(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;

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

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

(5) The mortgage shall provide an address at which mortgageewill 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.

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State Codes and Statutes

Statutes > Rhode-island > Title-34 > Chapter-34-25 > 34-25-9

SECTION 34-25-9

§ 34-25-9 Form of open-end mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:

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

(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;

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

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

(5) The mortgage shall provide an address at which mortgageewill 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.