§ 34-25-9 - Form of open-end mortgage.
SECTION 34-25-9
§ 34-25-9 Form of open-end mortgage.– In order to be entitled to the benefits of this chapter, a mortgage deed shallcomply with the following provisions:
(1) The mortgage deed shall contain specific provisionspermitting the future advances;
(2) At no time shall the unpaid principal balance ofindebtedness outstanding under the mortgage deed exceed the stated amountthereof;
(3) All future advances shall be evidenced by a note or notesand/or an agreement signed by the obligor whose indebtedness is secured by themortgage deed;
(4) The original mortgage deed shall be executed and recordedon or after June 1, 1983; and
(5) The mortgage shall provide an address at which mortgageewill accept written notices pursuant to §§ 34-25-10(b) and 34-25-11.The application of this section shall be retroactive to June 1, 1983.