§ 34-25-12. Discharge of open-end mortgage. (a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated to discharge the mortgage until the mortgagee receives full satisfaction for the money due thereon and receives such written agreements as the mortgagee shall reasonably request releasing the mortgagee from any further obligation to make future advances under any and all notes and agreements theretofore secured by the mortgage deed.
(b) Notwithstanding the provisions of any agreement by and between the mortgagee and the mortgagor or any other person, the mortgagee under the mortgage shall have the option to discharge any mortgage if there has existed no outstanding indebtedness thereunder for a continuous period of not less than two (2) years, and effective upon the recording of the discharge, the mortgagee shall be released and discharged from any further obligation to make any loans or advances under any notes or agreements executed in connection with the mortgage.
History of Section. (P.L. 1983, ch. 230, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.