Rhode Island General Laws 34-26-4. Requiring assignment of mortgage in lieu of discharge – Enforcement by incumbrancers
Where a mortgagor is entitled to redeem, he or she shall by virtue of this section have power to require the mortgagee, instead of discharging or reconveying, and on the terms on which he or she would be bound to discharge or reconvey, to assign the mortgage debt and convey the mortgaged property to such third person as the mortgagor directs; provided, that the mortgagor assumes the expense of making the assignment and conveyance, and obligates himself or herself to have the same recorded, and the fact of the transfer being made shall be prima facie evidence that the assumption of expense and the obligation have been made; and the mortgagee shall, by virtue of this section, be bound, on being relieved of all expense and having the obligation made to him or her, to assign and convey accordingly; and the right shall belong to and be capable of being enforced by each incumbrancer, or by the mortgagor, notwithstanding any intermediate incumbrance, but a requisition of an incumbrancer shall prevail over a requisition of the mortgagor and, as between incumbrancers, a requisition of a prior incumbrancer shall prevail over a requisition of a subsequent incumbrancer. This section does not apply in the case of a mortgagee being or having been in possession.
History of Section.
G.L. 1896, ch. 207, § 7; G.L. 1909, ch. 258, § 7; G.L. 1923, ch. 302, § 7; G.L. 1938, ch. 442, § 7; G.L. 1956, § 34-26-4.
Terms Used In Rhode Island General Laws 34-26-4
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6