(a)  “Mortgage,” as used in § 34-25-1 — § 34-25-5, means a real estate, mortgage deed or real estate mortgage instrument entitled “Mortgage to secure present and future loans under § 34-25-1 — § 34-25-5,” and which includes in its provisions the aforesaid provision to the effect that it is intended to secure present and future loans and which states a maximum amount 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, 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 contains the provisions required in § 34-25-1 and is also entitled at the beginning thereof “Mortgage to secure present and future loans under § 34-25-1 to § 34-25-5.”

Terms Used In Rhode Island General Laws 34-25-5

  • 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.
  • 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.
  • 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 § 34-25-1 — § 34-25-5, means and includes wherever applicable the mortgagor and mortgagors named 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 mortgagees named in the “mortgage,” his, her, its or their executors, administrators, successors or assigns.

History of Section.
G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; G.L. 1956, § 34-25-5.