§ 34-11-23 - Mortgage to secure future loans. - Rhode Island Statutes

SECTION 34-11-23

   § 34-11-23  Mortgage to secure futureloans. – A mortgage deed to secure present and future loans, as authorized and providedfor in § 34-25-1, may be in statutory form if in the form provided in "(4)Mortgage Deed" of § 34-11-12, and if in addition it is entitled at thebeginning "Mortgage to secure present and future loans under §§34-25-1 – 34-25-5" and contains in its provisions the provision requiredby § 34-25-1. A mortgage in statutory form, so entitled and containingthose provisions shall, subject to the provisions of §§ 34-25-1– 34-25-5 have the full force and effect provided in this chapter for amortgage deed in statutory form, except that the "statutory condition" in suchmortgage shall be construed to include payment of all additional or futureloans made on the security as aforesaid of the mortgage as well as the paymentand performance of every other obligation now provided for in the "statutorycondition".