§ 34-25-5 - Mortgages to which §§ 34-25-1 – 34-25-5 apply. - Rhode Island Statutes

SECTION 34-25-5

   § 34-25-5  Mortgages to which §§34-25-1 – 34-25-5 apply. – (a) "Mortgage," as used in §§ 34-25-1 – 34-25-5, means a realestate, mortgage deed or real estate mortgage instrument entitled "Mortgage tosecure present and future loans under §§ 34-25-1 – 34-25-5," andwhich includes in its provisions the aforesaid provision to the effect that itis intended to secure present and future loans and which states a maximumamount as the total of the amount of loans to be secured thereby; but§§ 34-25-1 to 34-25-6 shall not apply to nor affect, directly,indirectly or by implication, any mortgage made before April 29, 1952, andshall not apply to nor affect, directly, indirectly, or by implication, anymortgage thereafter made, whether or not it provides for future loans, unlessit contains the provisions required in § 34-25-1 and is also entitled atthe beginning thereof "Mortgage to secure present and future loans under§§ 34-25-1 to 34-25-5."

   (b) "Mortgagor," as used in §§ 34-25-1 –34-25-5, means and includes wherever applicable the mortgagor and mortgagorsnamed in the "mortgage," his, her, its or their heirs, executors,administrators, successors or assigns.

   (c) "Mortgagee," as used in §§ 34-25-1 –34-25-5, means and includes wherever applicable the mortgagee and mortgageesnamed in the "mortgage," his, her, its or their executors, administrators,successors or assigns.