§ 34-25-6 - Mortgagees authorized to take future loan mortgages.
SECTION 34-25-6
§ 34-25-6 Mortgagees authorized to takefuture loan 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 of America, credit unions subject to the provisions of chapter 21 oftitle 19, and other financial institutions are expressly authorized to makeloans secured by mortgages entitled as provided in § 34-25-1 andcontaining the provision required in § 34-25-1 to be contained in theprovisions of such mortgages, provided that such loans comply in other respectswith the requirements of law relating to loans secured by real estate mortgagesmade by such institutions.
(b) Other mortgagees are authorized to make loans on thesecurity of such mortgages if such mortgages comply with the requirements of§§ 34-25-1 – 34-25-5.