Section 13: Mortgage for credits opened

13. Mortgage for credits opened (1) The owner of immovable property may grant on that property a mortgage for a fixed sum, for a credit opened to him, whether the amount is paid at once or by successive instalments. (2) The mortgage shall take rank from the date of its inscription, whatever be the dates of each successive payment which may be proved by written vouchers. (3) Where a credit specified in subsection (1) is opened and is renewable yearly wholly or partly for several consecutive years not exceeding 40 years in all, no fresh mortgage or inscription shall be required after each annual settlement. (4) The mortgage given and the inscription taken, by virtue of the original deed opening the credit, shall guarantee, up to the amount of the inscription taken, the payment of the definitive balance proved by written vouchers as may be due at the expiry of the credit. [S. 13 amended by Act 15 of 1988; s. 18 (b) of Act 37 of 2011 w.e.f. 15 December 2011.]