Mortgage For Securing Advances

Mortgages to secure future advances or liabilities are well recognized and fully established. Their validity is no longer open to question.Where a mortgage on its face states that it is to secure future loans to a fixed amount, it is valid only up to that amount, and a collateral oral agreement to extend the mortgage to cover future advances in excess of the limitation on the face of the instrument will not be upheld.

A mortgage for future advances may be made a continuing security for advances made at any time, so that when advances have been made to the amount limited by the mortgage and these are paid, wholly or, in part, this mortgage is held to continue as security for further loans within the prescribed limit. Such a mortgage has not been extended to secure loans made to a partnership of which the mortgagor was a member.

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