Resource information
The Provisions of this Chapter regulate certain aspects of the creation and enforceability of mortgages on real property or fixtures. Every transfer of an interest in real property or fixtures made as security for the performance of another act or subject to defeasance upon the payment of an obligation, whether the transfer is made in trust or otherwise, is to be considered a mortgage and shall create a lien only as security for the obligation and shall not be deemed to pass title. A mortgage shall be created in accordance with conditions set out in section 1 and may be created on property and shall be enforceable in accordance with provisions of section 2. Section 3 concerns real property rights acquired after the creation of the mortgage. Other provisions concern validity of liens and registration and use and possession of mortgaged property.
