Section 34-25-5 Mortgages to which §§ 34-25-1

Section 34-25-5 Mortgages to which §§ 34-25-1 - 34-25-5 apply.

RI Gen L § 34-25-5 (2019) (N/A)

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§ 34-25-5. Mortgages to which §§ 34-25-1 - 34-25-5 apply. (a) "Mortgage," as used in §§ 34-25-1 - 34-25-5, means a real estate, mortgage deed or real estate mortgage instrument entitled "Mortgage to secure present and future loans under §§ 34-25-1 - 34-25-5," and which includes in its provisions the aforesaid provision to the effect that it is intended to secure present and future loans and which states a maximum amount as the total of the amount of loans to be secured thereby; but §§ 34-25-1 to 34-25-6 shall not apply to nor affect, directly, indirectly or by implication, any mortgage made before April 29, 1952, and shall not apply to nor affect, directly, indirectly, or by implication, any mortgage thereafter made, whether or not it provides for future loans, unless it contains the provisions required in § 34-25-1 and is also entitled at the beginning thereof "Mortgage to secure present and future loans under §§ 34-25-1 to 34-25-5."

(b) "Mortgagor," as used in §§ 34-25-1 - 34-25-5, means and includes wherever applicable the mortgagor and mortgagors named in the "mortgage," his, her, its or their heirs, executors, administrators, successors or assigns.

(c) "Mortgagee," as used in §§ 34-25-1 - 34-25-5, means and includes wherever applicable the mortgagee and mortgagees named in the "mortgage," his, her, its or their executors, administrators, successors or assigns.

History of Section. (G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; G.L. 1956, § 34-25-5.)

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Section 34-25-6 Mortgagees authorized to take future loan mortgages.