§ 34-11-23. Mortgage to secure future loans.
A mortgage deed to secure present and future loans, as authorized and provided for in § 34-25-1, may be in statutory form if in the form provided in “(4) Mortgage Deed” of § 34-11-12, and if in addition it is entitled at the beginning “Mortgage to secure present and future loans under §§ 34-25-1 — 34-25-5” and contains in its provisions the provision required by § 34-25-1. A mortgage in statutory form, so entitled and containing those provisions shall, subject to the provisions of §§ 34-25-1 — 34-25-5 have the full force and effect provided in this chapter for a mortgage deed in statutory form, except that the “statutory condition” in such mortgage shall be construed to include payment of all additional or future loans made on the security as aforesaid of the mortgage as well as the payment and performance of every other obligation now provided for in the “statutory condition”.
History of Section.
G.L. 1938, ch. 436, § 23; P.L. 1952, ch. 3018, § 2; G.L. 1956, § 34-11-23.