As used in this chapter, unless the context otherwise requires: “Borrower” under an open-end credit agreement means all persons having the right under the terms of the agreement to request or demand advances under the agreement; “Credit limit” means the maximum amount of principal indebtedness which may be outstanding at any one time under a […]
A mortgage may provide that it secures not only existing indebtednesses or advances made contemporaneously with the execution thereof, but also future advances, whether obligatory, or optional, or both, and whether made under open-end credit agreements or otherwise, to the same extent as if such future advances were made contemporaneously with the execution of the […]
The following advances relate back to the time of the recording of the mortgage, and are prior and superior to subsequent encumbrances and conveyances: All advances, whether obligatory or optional, made under an open-end mortgage in accordance with this chapter; All obligatory advances made under any mortgage securing a revolving credit agreement that is not […]
All open-end mortgages, in order to have the priority provided in § 47-28-103, must contain the following: A statement or other notice conspicuously identifying the mortgage as an open-end mortgage; A provision fixing a stated term for the duration of the open-end credit agreement, which term and any extension thereof made pursuant to the provisions […]
The credit limit under an open-end mortgage may be reduced by the borrower, whether the advances to be made thereunder are obligatory or optional, to an amount not less than the amount of principal indebtedness shown on the most recent statement of the borrower’s account received by the borrower from the creditor, plus the amount […]
The serving and recording of a notice of limitation shall not relieve the borrower from the obligation to pay any amounts due or to become due the creditor, or from the performance of any other obligations under the open-end mortgage, or the agreement which it secures, or any note evidencing obligations thereunder.
Under this chapter a notice is served on the creditor when it is in fact received by the creditor at the address specified in the mortgage; or if no address is so specified, in the case of an open-end credit agreement, to the address to which requests or demands for advances are to be sent; […]
Any advance made by the creditor: Before the effective date of any notice of limitation from the borrower, made in accordance with this chapter; or In response to a request or demand initiated by the borrower prior to the service of an effective notice of limitation, made in accordance with this chapter, shall be entitled […]
Notwithstanding the limitations specified in any mortgage, or imposed by a borrower by means of serving and recording a notice of limitation: Any increase in the principal balance of an indebtedness secured by any mortgage as a result of negative amortization or deferred interest; Any advance which the creditor is obligated under the terms of […]
This chapter applies to all loan or credit agreements and mortgages entered into from and after June 30, 1987. No provision herein shall be construed to: Invalidate a provision of any mortgage or contract entered into prior to June 30, 1987; Deny or curtail the right to a release of lien where the obligation it […]
