§ 34-25-11 - Relinquishment of security as to additional future advances – Stipulation as to amount due. - Rhode Island Statutes

SECTION 34-25-11

   § 34-25-11  Relinquishment of security asto additional future advances – Stipulation as to amount due. – If the mortgagor desires to terminate the privilege of having the mortgageconstitute security for further future advances in addition to all advancestheretofore made by the mortgagee on the security of the mortgage, and desiresto establish the then principal amount of loans outstanding and made on thesecurity of the mortgage as a matter of record, the mortgagor shall, inwriting, by registered or certified mail, send to the mortgagee at the addressprovided for such purpose in the mortgage, notice of the desire, then themortgagee shall execute and deliver to the mortgagor at the address within thisstate specified in the notice, a stipulation, in writing, setting forth thethen unpaid principal amount of loans outstanding and made on the security ofthe mortgage prior to the time of the receipt of the notice and relinquishingthe right to have the mortgage constitute security for additional futureadvances made to the mortgagor subsequent to the receipt of written notice. Themortgagor shall offer the stipulation for record in the records of landevidence with payment for the recording thereof, and the recorder of deedsshall record the stipulation when so offered and shall cause reference theretoto be made on the original recording of the mortgage. The recording fee forrecording any stipulation shall not exceed ten dollars ($10.00).