§ 34-25-14 - Mortgagees authorized to take open-end mortgages.
SECTION 34-25-14
§ 34-25-14 Mortgagees authorized to takeopen-end mortgages. – (a) Domestic building-loan associations, whether organized by special act ofthe general assembly or pursuant to the provisions of chapter 22 of title 19,foreign building-loan associations subject to the provisions of chapter 24 oftitle 19, savings and loan associations organized under the laws of the UnitedStates, credit unions subject to the provisions of chapter 21 of title 19, loanand investment banks subject to the provisions of chapter 20 of title 19 andother financial institutions are expressly authorized to make loans secured bymortgages entitled as provided in § 34-25-8 and containing the provisionsrequired in §§ 34-25-8 and 34-25-9 to be contained in the provisionsof such mortgages; provided, that such loans comply in other respects with therequirements of law, if any, relating to loans secured by real estate mortgagesmade by those institutions.
(b) Other mortgagees are authorized to make loans on thesecurity of such mortgages if such mortgages comply with the requirements of§§ 34-25-8 – 34-25-14.