§ 34-25.1-6 - Mortgages to which this chapter applies.
SECTION 34-25.1-6
§ 34-25.1-6 Mortgages to which thischapter applies. – (a) "Mortgage," as used in this chapter, means a real estate mortgage deed orreal estate mortgage instrument entitled, "Reverse mortgage to secure presentand future loans under chapter 25.1 of title 34," and which includes in itsprovisions the terms and elements set forth in § 34-25.1-2; but thischapter shall not apply to nor affect, directly, indirectly or by implication,any mortgage made before January 1, 1985, and shall not apply to nor affect,directly, indirectly, or by implication, any mortgage thereafter made, whetheror not it provides for future loans, unless it complies with the requirementsof this chapter.
(b) "Mortgagor," as used in this chapter, means and includesthe mortgagor and mortgagors named in the "mortgage," and his, her, its ortheir heirs, executors, administrators, successors or assigns, as the case maybe.