§ 7-102. Mortgages or deeds of trust as lien or charge on property
West's Annotated Code of MarylandReal Property
MD Code, Real Property, § 7-102
§ 7-102. Mortgages or deeds of trust as lien or charge on property
(a)(1) No mortgage or deed of trust may be a lien or charge on any property for any principal sum of money in excess of the aggregate principal sum appearing on the face of the mortgage or deed of trust and expressed to be secured by it, without regard to whether or when advanced or readvanced.
(b) If after the date of the mortgage or deed of trust, any sum of money is advanced or readvanced, any endorsement or guaranty is made, or the liability under an indemnity agreement arises, priority for such sum of money or for any indemnity arising under the endorsement, or guaranty, or indemnity agreement dates from the date of the mortgage or deed of trust as against the rights of intervening purchasers, mortgagees, trustees under deeds of trust, or lien creditors, regardless of whether the advance, readvance, endorsement, or guaranty was obligatory or voluntary under the terms of the mortgage or deed of trust.
Credits
Added by Acts 1974, c. 12, § 2, eff. July 1, 1974. Amended by Acts 1984, c. 624; Acts 1991, c. 197.
Formerly Art. 21, § 7-102.
MD Code, Real Property, § 7-102, MD REAL PROP § 7-102
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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