TITLE 34
Property

CHAPTER 34-25
Future Loans and After-Acquired Property

SECTION 34-25-4


§ 34-25-4 Relinquishment of security as to additional loans – Stipulation as to amount due.

If the mortgagor shall desire that the privilege shall be terminated of having the mortgage constitute security for further loans in addition to the loans which the mortgagee at or before the recording of the mortgage made or agreed with the mortgagor to make on the security of the mortgage, and shall desire that the principal amount of loans made or agreed upon prior to the recording on the security of the mortgage and loans made after the recording shall be established as a matter of record, and if the mortgagor shall in writing by registered or certified mail notify the mortgagee of such desire. The mortgagee shall execute and deliver to the mortgagor at the address within this state specified in the notice a stipulation in writing setting forth the principal amount of loans made or agreed to be made on the security of the mortgage prior to the time of the receipt of the notice and relinquishing the right to have the mortgage constitute security for additional loans made to the mortgagor subsequent to the receipt of the written notice except loans which the mortgagee prior to receipt of the notice agreed to make to the mortgagor. The mortgagor shall offer the stipulation for record in the records of land evidence with payment for the recording thereof, and the recorder of deeds shall record the stipulation when so offered and shall cause reference thereto to be made on the original recording of the mortgage. The recording fee for recording any such stipulation shall not exceed four dollars ($4.00).

History of Section.
(G.L. 1938, ch. 442, § 20; P.L. 1952, ch. 3018, § 1; P.L. 1956, ch. 3717, § 1; G.L. 1956, § 34-25-4; P.L. 1986, ch. 331, § 2.)