104 Priority of mortgage
the mortgage obtains priority in accordance with section 14 of this
Act for all advances and obligations secured pursuant to the terms
of the mortgage, notwithstanding that they are made or incurred
RSA 2000
subsequent to the registration, on or after January 1, 1983, of any
other instrument or caveat.
(2) On registration of a mortgage that provides for a revolving line
of credit up to a specific principal sum, the mortgage obtains
priority in accordance with section 14 of this Act for all advances
and obligations secured pursuant to the terms of the mortgage
notwithstanding
(a) that the advances and obligations are made or incurred
subsequent to the registration, after December 31, 1982, of
any other instrument or caveat, and
(b) that at any time during the term of the mortgage there may
not be any outstanding advances to be secured.
(3) If a mortgagee refuses to make, or a mortgagor has and
exercises a right to refuse to accept or be bound by, any further
advances that would be secured under subsection (1) or (2), the
mortgagee shall, on the request of the mortgagor, provide a
discharge of the mortgage as to the further advances.
(4) The rights given under the Prompt Payment and Construction
Lien Act and the Personal Property Security Act are not affected by
this section.
RSA 2000 cL-4 s104;2020 c30 s29