Rhode Island § 34-25-11 - Future Loans and After-Acquired Property

§ 34-25-11. Relinquishment of security as to additional future advances — Stipulation as to amount due.

If the mortgagor desires to terminate the privilege of having the mortgage constitute security for further future advances in addition to all advances theretofore made by the mortgagee on the security of the mortgage, and desires to establish the then principal amount of loans outstanding and made on the security of the mortgage as a matter of record, the mortgagor shall, in writing, by registered or certified mail, send to the mortgagee at the address provided for such purpose in the mortgage, notice of the desire, then the mortgagee shall execute and deliver to the mortgagor at the address within this state specified in the notice, a stipulation, in writing, setting forth the then unpaid principal amount of loans outstanding and made on the security of the mortgage prior to the time of the receipt of the notice and relinquishing the right to have the mortgage constitute security for additional future advances made to the mortgagor subsequent to the receipt of written notice. The mortgagor shall offer the stipulation for record in the records of land evidence with payment for the recording thereof, and the recorder of deeds shall record the stipulation when so offered and shall cause reference thereto to be made on the original recording of the mortgage. The recording fee for recording any stipulation shall not exceed ten dollars ($10.00).