§ 5-705. Execution and acknowledgment of assumption of mortgage debt
by grantee of mortgaged real property. No grantee of real property shall
be liable upon any indebtedness secured by a mortgage thereon executed
prior to the time of the conveyance of the real property to the grantee,
nor shall he be liable for any deficiency that may remain upon the
foreclosure and sale of real property covered by such a mortgage, after
application of the proceeds of sale, unless such grantee shall
simultaneously with the conveyance to him of such real property execute
and acknowledge, before an officer authorized to take acknowledgments of
deeds, a statement in writing stating in substance that such grantee
assumes and agrees to pay such mortgage debt and giving the specific
amount of the debt assumed. The execution and acknowledgment by a
grantee of the deed of conveyance to him containing such written
statement shall be sufficient compliance with the provisions of this
section. This section shall not apply, however, where, subsequent to the
conveyance and upon an extension or modification of the indebtedness
secured by the mortgage, the grantee shall execute and acknowledge,
before an officer authorized to take acknowledgments of deeds, a
statement in writing stating that such grantee assumes and agrees to pay
such mortgage debt, and giving the specific amount of the debt assumed.