Rhode Island General Laws 34-23-3. Time within which redemption allowed
No mortgagor, his or her heirs, executors, administrators, successors, or assigns shall be allowed to redeem any mortgaged real estate, but shall be forever barred and foreclosed of all equity and right of redemption therein, unless the mortgagor, his or her heirs, executors, administrators, successors, or assigns shall pay to the mortgagee, his or her heirs, executors, administrators, successors, or assigns the full sum, both principal and interest, due on the mortgage, within three (3) years after the mortgagee, or other person claiming under him or her, shall by process of law, or by peaceable and open entry made in the presence of two (2) witnesses, have taken actual possession of the mortgaged estate and continued the mortgage during the term.
History of Section.
G.L. 1896, ch. 207, § 3; G.L. 1909, ch. 258, § 3; G.L. 1923, ch. 302, § 3; G.L. 1938, ch. 442, § 3; G.L. 1956, § 34-23-3.
Terms Used In Rhode Island General Laws 34-23-3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10