§ 34-25-3 - Priority of attachment, execution, or lis pendens over subsequent loans. - Rhode Island Statutes

SECTION 34-25-3

   § 34-25-3  Priority of attachment,execution, or lis pendens over subsequent loans. – If, after the recording of the mortgage, any writ of attachment attaching thereal estate mortgaged under the mortgage or any execution against the realestate or any notice of lis pendens affecting the real estate is recorded inthe records of the city or town, loans on the security of the mortgage, madeafter the attachment, execution or lis pendens becomes so of record, shall nothave priority over the attachment, execution or notice of lis pendens, exceptthat loans which the mortgagee at or before the recording of the mortgage madeor agreed with the mortgagor to make on the security of the mortgage andadditional loans made on the security of the mortgage pursuant to theprovisions of §§ 34-25-1 – 34-25-5 prior to such recording ofthe attachment, execution or lis pendens, together with interest thereon, andthe taxes, insurance premiums and obligations of the mortgagor as the mortgageehas agreed, or which the mortgagor has given the mortgagee the right, to pay inconnection with the mortgage, shall continue to have priority over theattachment, execution or lis pendens.