HB 1089

The act enacts the 'Uniform Mortgage Modification Act', drafted by the Uniform Law Commission. The act provides that, in the event that a mortgage is modified: The mortgage continues to secure the obligation as modified; The modification does not affect the priority of the mortgage; A mortgage retains its priority regardless of whether a modification agreement is recorded; and The modification is not a novation. (Note: This summary applies to this bill as enacted.)