Establishes the "Uniform Mortgage Modification Act" to govern certain mortgage modifications in Missouri.

The "Uniform Mortgage Modification Act" establishes rules for mortgage modifications in Missouri. It applies to changes in interest rates, maturity dates, and other monetary obligations, but not to property releases, obligor changes, or mortgage transfers. The act ensures that mortgage priority remains unaffected by modifications and that modifications are not considered novations. It also defines key terms such as "mortgage," "obligation," and "modification.

Establishes the "Uniform Mortgage Modification Act" to govern certain mortgage modifications in Missouri.

The "Uniform Mortgage Modification Act" establishes rules for mortgage modifications in Missouri. It applies to changes in interest rates, maturity dates, and other monetary obligations, but not to property releases, obligor changes, or mortgage transfers. The act ensures that mortgage priority remains unaffected by modifications and that modifications are not considered novations. It also defines key terms such as "mortgage," "obligation," and "modification.