2009 Rhode Island Code
Title 34 - Property
CHAPTER 34-25 - Future Loans and After-Acquired Property
§ 34-25-9 - Form of open-end mortgage.
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 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.
Disclaimer: These codes may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
