The act provides that, for any mortgage modification, as that term is defined in the act, all of the following apply:
• The mortgage continues to secure the obligation as modified;
• The priority of the mortgage is not affected by the modification;
• The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the public land records; and
• The modification is not considered a novation.
This act supercedes the federal Electronic Signatures in Global and National Commerce Act, as permitted by that Act, except as otherwise provided in this act.
This act contains various exceptions.
SCOTT SVAGERA
Statutes affected: