A deed in substance following the forms entitled "mortgage" or "deed of trust" shall when duly executed have the force and effect of a mortgage or deed of trust by way of mortgage to the use of the mortgagee and his heirs and assigns with mortgage covenants and upon statutory mortgage condition as defined in the following two sections to secure the payment of the money or the performance of any obligation therein specified. The parties may insert in such mortgage any other lawful agreement or condition.
History: 1941 Comp., § 75-137, enacted by Laws 1947, ch. 203, § 12; 1953 Comp., § 70-1-37.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 54A Am. Jur. 2d Mortgages § 146 et seq.
Priority as between vendor's lien and mortgage or deed of trust to third person furnishing purchase money, 55 A.L.R.2d 1119.