Rhode Island General Laws 34-28-16.1. Petition to foreclose mortgage
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At any time after the filing of a petition under § 34-28-10, the holder of a mortgage having a priority over liens existing under § 34-28-1, 34-28-2, 34-28-3 or 34-28-7 may petition the court to exercise the power of sale contained in the mortgage and the court shall grant the petition to foreclose, after notice to all interested parties and hearing thereon, upon a showing by the mortgagee that the mortgage is valid, entitled to priority and is in default, except for a default arising from the filing of a petition to enforce pursuant to § 34-28-10.
History of Section.
P.L. 1989, ch. 540, § 1; P.L. 1991, ch. 328, § 1.
Terms Used In Rhode Island General Laws 34-28-16.1
- Mortgage: as used in this chapter means construction mortgages, so called, which are given to secure the payment of a sum certain which is to be advanced at stated times or intervals. See Rhode Island General Laws 34-28-34
- 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.