Rhode Island General Laws 34-27-3. Discharge of purchaser at sale by payments to mortgagee
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The receipt in writing of a mortgagee shall be a sufficient discharge for any money accruing from sales made under the powers of sale conferred by his or her mortgage; and a person paying it to the mortgagee shall not be obliged to inquire whether any money remains due under the mortgage, or to see as to the application of such proceeds in case of sale.
History of Section.
G.L. 1896, ch. 207, § 17; G.L. 1909, ch. 258, § 17; G.L. 1923, ch. 302, § 17; G.L. 1938, ch. 442, § 17; G.L. 1956, § 34-27-3.
Terms Used In Rhode Island General Laws 34-27-3
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6