57-3-204. Constructive notice -- Effect as between direct parties to mortgage or trust deed.
(1) The recording of a mortgage or trust deed that incorporates a provision of a master form in accordance with Section, operates as constructive notice of the mortgage or trust deed, including all incorporated provisions of the referenced master form. 57-3-203
(2) Nothing in this part modifies the law regarding the effectiveness of a mortgage, trust deed, or contract as between: the mortgagor and mortgagee of the mortgage; or the trustor, beneficiary, and trustee under a trust deed.