A mortgage may provide that it secures not only existing indebtednesses or advances made contemporaneously with the execution thereof, but also future advances, whether obligatory, or optional, or both, and whether made under open-end credit agreements or otherwise, to the same extent as if such future advances were made contemporaneously with the execution of the mortgage, even though no advance is made at the time of the execution of the mortgage and even though no indebtedness is outstanding at the time any advance is made.
Tenn. Code Ann. § 47-28-102
Securing of future advances authorized
Applied in 1 court decision — leading case JPMorgan Chase Bank, National Ass'n v. Fifth Third Bank, N.A. (2007)
Most recently applied in JPMorgan Chase Bank, National Ass'n v. Fifth Third Bank, N.A. (January 2007)
Acts 1987, ch. 137, § 2.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.