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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2019 Alabama Legislative Regular Session
  5. 2019 Alabama Senate Bills
  6. SB 127
Tuscaloosa, AL holds municipal elections March 2, 2021. Click here to view the elections and the candidates running.

SB 127

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In Committee
Contents hide
  • 1 Bill Summary
  • 2 Bill Actions
  • 3 Bill Calendar
  • 4 Bill Text
  • 5 Bill Documents

Bill Summary

Sponsors
  • Shay Shelnutt
Session
Regular Session 2019
Title
Future Advance mortgages, provide that future indebtedness secures when mortgage created, Sec. 35-10-120 to 35-10-124, inclusive, added.
Description

Under current law, a future advance mortgage, which is created upon its execution, may secure funds advanced at the time the mortgage is executed as well as funds advanced in the future. A recent Alabama Supreme Court opinion held that a future advance mortgage, although recorded, is not created until the lender advances funds under the loan secured by the mortgage, thus potentially eliminating the priority a future advance mortgage has over subsequently recorded mortgages or liens

This bill would create the Future Advance Mortgage Protection Act

This bill would clarify that a mortgage may secure not only existing indebtedness but also future advances to the same extent as if the future advances were made at the same time the mortgage was created

This bill would also provide that this bill would apply prospectively to mortgages created in the future, as well as retrospectively to existing mortgages

Relating to future advance mortgages; to add a new Article 6, commencing with Section 35-10-120, to Chapter 10 of Title 35 of the Code of Alabama 1975; to establish the Future Advance Mortgage Protection Act; to provide that future advance mortgages are valid and enforceable; and to provide that this article shall apply prospectively to mortgages created in the future and retrospectively to existing mortgages.

Subjects
Mortgages

Bill Actions

Action Date Chamber Action
April 3, 2019 S Fiscal Responsibility and Economic Development first Substitute Offered
April 3, 2019 S Pending third reading on day 7 Favorable from Fiscal Responsibility and Economic Development with 1 substitute
April 3, 2019 S Read for the second time and placed on the calendar with 1 substitute and
March 19, 2019 S Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development

Bill Calendar

Type Date Location Description
Hearing April 3, 2019 Room 825 REVISED TIME at 13:00 Senate FRED Hearing
Hearing April 3, 2019 Room 825 REVISED AGENDA at 00:00 Senate FRED Hearing
Hearing April 3, 2019 Room 825 at 00:00 Senate FRED Hearing

Bill Text

Download SB 127 PDF

Bill Documents

Type Link
Bill Text SB 127 - Introduced
Bill Amendments Senate Fiscal Responsibility and Economic Development first Substitute Offered
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