H 5512 - State of Rhode Island General Assembly - AN ACT RELATING TO PROPERTY - FORMS AND EFFECT OF CONVEYANCES

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H 5512 – State of Rhode Island General Assembly – AN ACT RELATING TO PROPERTY – FORMS AND EFFECT OF CONVEYANCES

H 5512 – State of Rhode Island General Assembly – AN ACT RELATING TO PROPERTY – FORMS AND EFFECT OF CONVEYANCES

2013 — H 5512
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LC01159
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S T A T E  O F  R H O D E  I S L A N D

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013
____________
A N A C T
RELATING TO PROPERTY – FORMS AND EFFECT OF CONVEYANCES

Introduced By: Representatives Kennedy, San Bento, Melo, Valencia, and Naughton

Date Introduced: February 14, 2013

Referred To: House Corporations

(Attorney General)

It is enacted by the General Assembly as follows:
SECTION 1. Sections 34-11-1.3, 34-11-22 and 34-11-24 of the General 1 Laws in Chapter
2 34-11 entitled “Form and Effect of Conveyances” are hereby amended to read as follows:
3 34-11-1.3. Name and address of mortgagor and mortgagee — Recording.(a) Every
4 mortgage deed presented for record shall contain or have endorsed upon it the name and address
5 of the mortgagor and mortgagee and the address shall be recorded as part of the mortgage deed.
6 Failure to comply with this section shall not affect the validity of any mortgage deed, but the city
7 or town clerk may charge an additional two dollars ($2.00) for a recording fee if the name and
8 address does not appear on the instrument. The purpose of including the mortgagee’s address is to
9 facilitate in the eventual discharge thereof, and also for purpose of any notice that may be sent to
10 the mortgagor and mortgagee.
11 (b) The term “mortgagee” for the purposes of this section shall mean the payee or lender
12 identified in the promissory note or other negotiable instrument as defined in chapter 6A-3 of the
13 general laws which is secured by the mortgage deed, and shall not mean a third party purporting
14 to act as an agent or nominee. A mortgage naming a third party as the mortgagee who is not the
15 named payee or lender on the underlying promissory note or other negotiable instrument as
16 defined in chapter 6A-3 of the general laws secured by the mortgage shall be invalid for
17 recording, and shall not be enforceable as a mortgage lien except as provided in section 34-11-43.
18 A mortgage deed that identifies the mortgagee and also lists the name and address of the
19 mortgagee’s servicer for the purposes of facilitating the eventual discharge of the mortgage and
1 for the purpose of any notice that may be sent to the mortgagee shall be considered compliant
2 with the mortgagee’s address requirements herein.
3 34-11-22. Statutory power of sale in mortgage. — The following power shall be known
4 as the “statutory power of sale” and may be incorporated in any mortgage by reference provided
5 that a mortgage that does not comply with the mortgagee requirements set forth in sections 34-11-
6 1.3 and 34-11-24 shall not be entitled to invoke the statutory power of sale:
7 (Power)
8 But if default shall be made in the performance or observance of any of the foregoing or
9 other conditions, or if breach shall be made of the covenant for insurance contained in this deed,
10 then it shall be lawful for the mortgagee or his, her or its executors, administrators, successors or
11 assigns to sell, together or in parcels, all and singular the premises hereby granted or intended to
12 be granted, or any part or parts thereof, and the benefit and equity of redemption of the mortgagor
13 and his, her or its heirs, executors, administrators, successors and assigns therein, at public
14 auction upon the premises, or at such other place, if any, as may be designated for that purpose in
15 this deed, or in the published notice of sale first by mailing written notice of the time and place of
16 sale by certified mail, return receipt requested, to the mortgagor, at his or her or its last known
17 address, at least twenty (20) days for mortgagors other than individual consumer mortgagors, and
18 at least thirty (30) days for individual consumer mortgagors, prior to first publishing the notice,
19 including the day of the mailing in the computation; second, by publishing the same at least once
20 each week for three (3) successive weeks in a public newspaper published daily in the city in
21 which the mortgaged premises are situated; and if there be no public newspaper published daily
22 in the city in which the mortgaged premises are situated, or if the mortgaged premises are not
23 situated in a city, then (1) if the mortgaged premises are situated in the city of Central Falls, in a
24 public newspaper published daily in the city of Pawtucket; (2) if the mortgaged premises are
25 situated in the town of North Providence, in a public newspaper published daily in either the city
26 of Providence or the city of Pawtucket; (3) if the mortgaged premises are situated in any of the
27 towns of Cumberland, Lincoln, Smithfield or North Smithfield, in a public newspaper published
28 daily in either the city of Pawtucket or Woonsocket; (4) if the mortgaged premises are situated in
29 the county of Providence elsewhere than in the above-named cities and towns, in a public
30 newspaper published daily in the city of Providence; (5) if the mortgaged premises are situated in
31 the county of Newport, in a public newspaper published daily in the city of Newport; but if there
32 be no such public newspaper so published, then in some public newspaper published anywhere in
33 the county of Newport; (6) if the mortgaged premises are situated in any of the counties of
34 Bristol, Kent or Washington, in a public newspaper published daily in the city or town in which
1 the mortgaged premises are situated; but if there be no public newspaper so published, in some
2 public newspaper published daily in the county in which the mortgaged premises are situated or
3 in a public newspaper published daily in the city of Providence; provided however if the
4 mortgaged premises are situated in the town of New Shoreham then in addition to publication in a
5 public newspaper published daily as required above, it shall also be published in a public
6 newspaper published in the town of New Shoreham, and, in the event there is no public
7 newspaper published in the town of New Shoreham, then in a public newspaper distributed in the
8 town of New Shoreham; with power to adjourn such sale from time to time, provided that
9 publishing of the notice shall be continued, together with a notice of the adjournment or
10 adjournments, at least once each week in that newspaper; and in his, her or its or their own name
11 or names, or as the attorney or attorneys of the mortgagor, for that purpose by these presents duly
12 authorized and appointed with full power of substitution and revocation to make, execute and
13 deliver to the purchaser or purchasers at that sale a good and sufficient deed or deeds of the
14 mortgaged premises in fee simple, and to receive the proceeds of such sale or sales, and from
15 such proceeds to retain all sums hereby secured whether then due or to fall due thereafter, or the
16 part thereof then remaining unpaid, and also the interest then due on the proceeds, together with
17 all expenses incident to the sale or sales, or for making deeds hereunder, and for fees of counsel
18 and attorneys, and all costs or expenses incurred in the exercise of such powers, and all taxes,
19 assessments, and premiums for insurance, if any, either theretofore paid by the mortgagee or his
20 or her executors, administrators or assigns, or then remaining unpaid, upon the mortgaged
21 premises, rendering and paying the surplus of the proceeds of sale, if any there be, over and above
22 the amounts so to be retained as aforesaid, together with a true and particular account of the sale
23 or sales, expenses and charges, to the mortgagor, or his, her or its heirs, executors, administrators,
24 successors or assigns; which sale or sales made as aforesaid shall forever be a perpetual bar
25 against the mortgagor and his, her or its heirs, executors, administrators, successors and assigns,
26 and all persons claiming the premises, so sold, by, through or under him or her, them or any of
27 them.
28 34-11-24. Effect of assignment of mortgage. — An assignment of mortgage
29 substantially following the form entitled “Assignment of Mortgage” shall, when duly executed,
30 have the force and effect of granting, bargaining, transferring and making over to the assignee, his
31 or her heirs, executors, administrators, and assigns, the mortgage deed with the note and debt
32 thereby secured, and all the right, title and interest of the mortgagee by virtue thereof in and to the
33 estate described therein, to have and to hold the mortgage deed with the privileges and
34 appurtenances thereof to the assignee, his or her heirs, executors, administrators and assigns in as
1 ample manner as the assignor then holds the same, thereby substituting 1 and appointing the
2 assignee and his or her heirs, executors, administrators and assigns as the attorney or attorneys
3 irrevocable of the mortgagor under and with all the powers in the mortgage deed granted and
4 contained. Any transfer of the ownership of the beneficial interest in, or the right to enforce, a
5 promissory note or other negotiable instrument as defined in chapter 6A-3 of the general laws
6 secured by a mortgage must be accompanied by an assignment of the mortgage that is presented
7 for recording with the applicable recording fee within thirty (30) days of the transfer, and the
8 assignment of the mortgage must identify the party to whom the note or other negotiable
9 instrument securing the mortgage has been assigned. The failure to present the mortgage
10 assignment for recording within the time limits stated herein shall render the mortgage void, but
11 shall not nullify the underlying indebtedness.

[…]

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