SEC. 89-1-49. Extinguishing mortgage or deed of trust; exceptions.

(1) Except as provided in subsections (2) and (4) of this section, payment of the money secured by any mortgage or deed of trust shall extinguish it, and revest the title in the mortgagor as effectually as if reconveyed.

(2) This section shall have no application to security agreements executed under the Mississippi Uniform Commercial Code nor to security interests created by such security agreements.

(3) * * * As used in this section, the term "line of credit" means any loan, extension of credit or financing arrangement where the lender has agreed to make additional or future advances.

(4) This section shall have no application to a mortgage or deed of trust which secures a line of credit.

SOURCES: Codes, 1880, Sec. 1207; 1892, Sec. 2452; 1906, Sec. 2782; Hemingway's 1917, Sec. 2286; 1930, Sec. 2152; 1942, Sec. 873; Laws, 1968, ch. 495, Sec. 1, eff from and after March 31, 1968. Laws, 1995, ch. 497, Sec. 1, eff from and after passage (approved March 28, 1995). Amended by Laws 1999, Ch. 570, Sec. 1, SB2563, eff. from and after passage (approved April 21, 1999).

PREVIOUS VERSIONS: Pre-1999