Uniform Mortgage Modification Act

      Colorado Commission on Uniform State Laws. The bill enacts the "Uniform Mortgage Modification Act", drafted by the Uniform Law Commission. The bill provides that, in the event that a mortgage is modified:

• The mortgage continues to secure the obligation as modified;

• The modification does not affect the priority of the mortgage;

• A mortgage retains its priority regardless of whether a modification agreement is recorded; and

• The modification is not a novation.
  (Note: This summary applies to this bill as introduced.)