Rhode Island General Laws 45-47-8. Priority of lien
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Any lien arising under this chapter is superior to all liens, and interest, of any other party, including any insured owner, mortgagee, or assignee except mortgagees and assignees of bona fide mortgages. A bona fide mortgage is one granted for full and adequate value and consideration.
History of Section.
P.L. 1982, ch. 251, § 1.
Terms Used In Rhode Island General Laws 45-47-8
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.