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.)