Pennsylvania — Statute

1990 – Amendment | Pennsylvania Law

Pennsylvania law permits open-end mortgages to secure future advances, ensuring lien validity regardless of advance timing or repayment, excluding purchase money mortgages.

Legal Content

Pennsylvania State Law

1990 – Amendment

Pennsylvania Title 42 - Judiciary and Judicial Procedure § 1990

Summary

This law allows open-end mortgages in Pennsylvania to secure unpaid balances of future advances, regardless of whether they secure other debts. The validity of the lien is unaffected by the timing of advances or repayment periods. Purchase money mortgages are excluded from this provision.

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Explain Like I'm 5

In simple terms: Pennsylvania law permits open-end mortgages to secure future advances, ensuring lien validity regardless of advance timing or repayment, excluding purchase money mortgages.. This means people must follow this rule, and breaking it can lead to criminal penalties.