89-1-45 - Mortgage for purchase money of land.
§ 89-1-45. Mortgage for purchase money of land.
Every mortgage given at the time of the purchase of real estate to secure the payment of the purchase money, whether such mortgage be given to the seller or to a third-party lender, shall be entitled to a preference over all judgments and other debts of the mortgagor, which preference shall extend only to the land purchased.
Sources: Codes, 1857, ch. 36, art. 13; 1871, § 2296; 1880, § 1205; 1892, § 2450; 1906, § 2780; Hemingway's 1917, § 2284; 1930, § 2129; 1942, § 850; Laws, 2000, ch. 341, § 1, eff from and after July 1, 2000.