2025 Session
Last amended: 1984 session
§ 508.555 — Mortgage Securing Revolving Line of Credit; Notice
Plain-Language Summary
A mortgage on registered land that secures a revolving line of credit (like a home equity line) must include a notice to the borrower explaining that the debt amount will vary.
508.555 MORTGAGE SECURING REVOLVING LINE OF CREDIT; NOTICE.
A mortgage securing a revolving line of credit under which advances, payments, and readvances may be made from time to time, and which states the maximum amount of the line of credit which may be secured at any one time, is effective as notice to parties from the time the mortgage is filed and registered as to all advances and readvances secured thereby, regardless of the time or amount of advances, payments, or readvances and whether or not the advances or readvances are obligatory.
History:
History: History:
1984 c 502 art 14 s 17
Practical Notes
If you get a home equity line of credit on Torrens property, the mortgage document must include a special notice about the revolving nature of the debt.