§ 34-25-4 - Relinquishment of security as to additional loans – Stipulation as to amount due. - Rhode Island Statutes

SECTION 34-25-4

   § 34-25-4  Relinquishment of security as toadditional loans – Stipulation as to amount due. – If the mortgagor shall desire that the privilege shall be terminated of havingthe mortgage constitute security for further loans in addition to the loanswhich the mortgagee at or before the recording of the mortgage made or agreedwith the mortgagor to make on the security of the mortgage, and shall desirethat the principal amount of loans made or agreed upon prior to the recordingon the security of the mortgage and loans made after the recording shall beestablished as a matter of record, and if the mortgagor shall in writing byregistered or certified mail notify the mortgagee of such desire. The mortgageeshall execute and deliver to the mortgagor at the address within this statespecified in the notice a stipulation in writing setting forth the principalamount of loans made or agreed to be made on the security of the mortgage priorto the time of the receipt of the notice and relinquishing the right to havethe mortgage constitute security for additional loans made to the mortgagorsubsequent to the receipt of the written notice except loans which themortgagee prior to receipt of the notice agreed to make to the mortgagor. 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 such stipulation shall not exceed four dollars ($4.00).