(a) Notwithstanding the provisions of § 34-26-2, no mortgagee under an open-end mortgage subject to this chapter shall be obligated
to discharge the mortgage until the mortgagee receives full satisfaction for the money
due thereon and receives such written agreements as the mortgagee shall reasonably
request releasing the mortgagee from any further obligation to make future advances
under any and all notes and agreements theretofore secured by the mortgage deed.
(b) Notwithstanding the provisions of any agreement by and between the mortgagee and
the mortgagor or any other person, the mortgagee under the mortgage shall have the
option to discharge any mortgage if there has existed no outstanding indebtedness
thereunder for a continuous period of not less than two (2) years, and effective upon
the recording of the discharge, the mortgagee shall be released and discharged from
any further obligation to make any loans or advances under any notes or agreements
executed in connection with the mortgage.
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