(a)  “Mortgage,” as used in § 34-25-8 — § 34-25-14, means a real estate mortgage deed or real estate mortgage instrument entitled, “Open-end mortgage to secure present and future loans under chapter 25 of Title 34“, and which includes in its provisions the terms and elements set forth in § 34-25-9; but this chapter shall not apply to nor affect, directly, indirectly or by implication, any mortgage made before June 1, 1983, and shall not apply to nor affect, directly, indirectly, or by implication, any mortgage thereafter made, whether or not it provides for future loans, unless it complies with the requirements of this chapter.

Terms Used In Rhode Island General Laws 34-25-13

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10

(b)  “Mortgagor”, as used in § 34-25-8 — § 34-25-14, means and includes the mortgagor and mortgagors named in the “mortgage,” and his, her, its or their heirs, executors, administrators, successors, or assigns, as the case may be.

History of Section.
P.L. 1983, ch. 230, § 1.