out of chain of title. An unrecorded instrument is valid as between the parties thereto and those who have notice thereof. Knowledge of the record of an instrument out of the chain of title does not constitute such notice, provided, however, that the record of a mortgage, deed, or other conveyance prior to the recording of a deed or other conveyance vesting title of record in the mortgagor or grantor shall not be considered out of the chain of title after the recording of a deed or other conveyance vesting title in the mortgagor or grantor in such first recorded mortgage, deed, or other conveyance.
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