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officers shall enter on the mortgage and minute thereof on demand, the assignee paying one shilling for the same; and the assignees shall be preferred according to the priority of their entries of such notices.
XIX. And be it further enacted by the authority aforesaid, Fraudulent That after any lands, tenements or hereditaments are mortgagors to be profe mortgaged acccording to the directions of this act, if it cuted, shall appear to the loan-officers upon good and sufficient grounds (which they shall insert in the minute of their proceedings) that the mortgagor had no good right or title to the premises mortgaged, or has otherwise broken the covenant of his mortgage, so that the public may be in danger of losing the monies or any part thereof advanced in loan upon the credit of the premises, it shall and may be lawful to and for the said loan-officers, and they are hereby empowered and required to commence an action or actions of debt or covenant upon the said mortgage against the said mortgagor, his or her heirs, executors or administrators, and the same to prosecute to judgment by all lawful ways and means whatsoever, in any court of record, for the recovery of the whole monies lent upon the mortgage, and the interest become due or that shall become due until the first Tuesday of May next following the judgment, with costs and charges; in which action or actions the mortgagor shall be held to special bail, and the court in which such action is brought is, and the judges thereof in vacation are hereby authorized and directed, to give such short day for the rules of pleading thereon, that judgment or a trial and final determination may be had the first court after the court at which the defendant first appeared to the same action.
XX. And be it further enacted by the authority aforesaid, Their acThat the supervisors and judges aforesaid of the several ally infpected counties of this state, shall on the first Tuesday in October and deficiennext, and yearly thereafter on the first Tuesday of Octo- made up. ber in every year, meet together with the said loan-officers, at the court-house of the county, and the majority of the supervisors with one or more of the judges aforesaid, shall carefully inspect and examine the mortgages, minutes and accounts of the loan-officers, and if it be found that any loan-officer or officers, has or have refused or neglected to perform the duties enjoined upon him or them by this act, the said judges and supervisors shall elect a loan-officer or loan-officers in the stead of such who shall have so refused or neglected as aforesaid; and if any deficiency has happened by borrowers not having right to the lands mortgaged, or by the selling thereof at a less price than what is before mentioned or otherwise, then the said supervisors, or a majority of them, with the concurrence of one or more of the said judges, shall cause all such deficiencies to be assessed and levied in the
county as other county charges, so that the whole of such deficiencies be paid to the said loan-officers by the first Tuesday of May then next following.
XXI. And be it further enacted by the authority aforesaid, That in case one or more of the said judges and a majority for neglect of of the supervisors aforesaid, shall not meet on the first Tues
Deficiencies when recove.
red to be applied to the fe of the county.
Salaries of the feveral loan-officers.
day in May next, or in case they shall not meet yearly on. the first Tuesday in October, or in case they shall not meet when summoned by a precept of one or more of the said judges, for the several purposes in this act mentioned, every of them in either of those cases that are absent (unless detained by sickness) shall forfeit the sum of two pounds, and the judge or judges then attending, shall issue his or their. precept to one or more constables, to summon the judges and supervisors to attend on that day week, for the purposes aforesaid, under double the penalty aforesaid, which each neglecting then to attend if duly summoned, shall also forfeit, although a sufficient number do appear, and in case a sufficient number do not then appear, the judge or judges appearing shall proceed in like manner, from week to week, until a full number of supervisors do appear, to perform the duty for which they ought before to. have meet; and in case the said supervisors, or either of them, when a majority of them are met, shall neglect or. refuse to do the duty enjoined on him or them by this. act when met, or shall on any pretence whatsoever, on the day of their annually meeting, neglect or omit the causing to be assessed, levied and raised, the whole deficiencies that have happened by any of the means aforesaid, every of them neglecting their duty herein shall forfeit to the people of this state the sum of five pounds; all which penalties before in this clause mentioned are to be recovered before any one of the justices of the peace, within the county where such forfeiture shall arise, one› half to the use of such judge or judges and supervisors of the same county, endeavouring to perform their duty herein, who will sue and inform against the others, and prosecute their suit to effect, and the other half to the use of the people of this state.
XXII. And be it further enacted by the authority aforesaid, That all and every the sums of money which may at any time afterwards be recovered by the new loan-offi cers aforesaid of such persons as have been the occasion of such deficiencies as aforesaid, shall be applied to the use of such county, and the judge or judges and supervisors are hereby empowered to take all lawful ways and means in the name of the said loan-officers to recover the same.
XXV. And be it further enacted by the authority aforesaid, That the yearly salary of the loan-officers aforesaid, for the services required of them by this act, shall be as follows, that is to say: For every of the loan-officers of the county of New-York the sum of forty pounds, for every of
the loan-officers of the county of Albany the sum of thirty-
XXVI. And be it further enacted by the authority aforesaid, That the respective loan-offices in this state shall be kept› at the court-house of each respective county, and where there is no court-house at the place where the court of common pleas shall be held in the same county, or at some convenient place near the same, except in the counties of Orange and Westchester, in each of which counties, there being two court-houses, the loan-officers shall meet alternately, first at or near one court-house, and then at or near the other.
Loan offices where kept.
in how pun
XXVII. And be it further enacted by the authority aforesaid, Perjury hereThat if any person shall falsely swear or affirm, in any of the cases where an oath or affirmation is required to be taken by this act, or shall wilfully and knowingly act con-trary to any oath or affirmation he has taken in pursuance
Books to be
of this act, such offence is hereby declared to be perjury, and the offender being convicted thereof, shall suffer the pains and penalties as in cases of wilful and corrupt perjury. XXVIII. And be it further enacted by the authority aforeinfpected, & said, That the respective loan-officers shall permit any person at seasonable times, to search and view the books of mortgages in their hands and custody, upon paying one shilling for the search and the entry of the respective mortgages in the books of the said loan-officers, shall have the like priority, operation and effect as if such mortgages were registered in the office of the clerk of the county in which the lands mortgaged lie.
to enter miDutes of their proceedings.
XXXIV. And be it further enacted by the authority aforesaid, That the new loan-officers, beginning at the other end of the said book, shall insert the minutes of their proceedings therein, as follows: First, the day they meet, place, house and loan-officers present; second, if any one is absent, they shall at their next meeting minute the cause of his absence; third, shall enter the hour that every one applies for the loan of money and the sum he applies for; fourth, shall enter down the reason why a prior applicant had not the money according to his application and the substance of examinations for clearing titles and value; fifth, shall enter down the monies received from the treasurer and the monies delivered to or received from the loan-officers of another county, and the day when, with a copy of the notice thereof to be delivered to the treasurer, and by whom; sixth, the last day of their four days of meeting for receiving of monies yearly, they shall enter whose mortgages are foreclosed and the number and sums of them; seventh, shall enter the orders for and copies of the advertisements for sale, and places at which they are so to be set up, and the persons names that are to set them up; eighth, shall enter the names of the purchasers of lands and prices sold for, and payment of the overplus to whom it belongs, with the time and witnesses of such payment; ninth, in case any principals or part thereof are paid in before the times of payment in the mortgages, the whole amount of such principals so paid in shall be entered in the said book; tenth, shall enter the cause of all suits and the informations they have received, and of whom, at length, or if too long refer to them in papers apart, minuting the substance; eleventh, shall enter their meetings with the judges and supervisors and persons present, together with the minutes of all proceedings of such judges and supervisors, particularly what were the deficiencies laid before them, what measures were taken for assessing and levying such deficiencies, and which of the said judges and supervisors were for assessing or for neglecting or delaying it.
XXXVI. And be it further enacted by the authority afore said, That the deeds to be granted by the new loan-officers for any lands to be sold by them, whereof the equity of redemption is foreclosed, shall be in form following, to
of the first part, and
HIS indenture, made the
county of and their successors, to the above bargain-
To which deed the loan-officers shall affix the seal of the loan-office, and respectively subscribe their names, in the presence of two witnesses.
Form of deeds to be given officers.
by the loan
XXXVII. And be it further enacted by the authority afore- Form of theis said, That upon every sale of lands the new loan-officers bonds. shall fill up the blanks in one of the loose sheets of blank mortgages like to the original mortgage, and attest the same as a true copy under their hands and the seal of the loan-office, and give it instead of the original mortgage for evidence of the title to the purchaser; and the bond to be given by the loan-officers shall, be in the following form, to wit:
NOW all men by these presents, That we
held and firmly bound unto the people of the state of New-York, in the sum of to be paid to the people of the state of New-York, for payment whereof, we bind ourselves, our heirs, executors and administrators, jointly and severally, firmly by these presents, sealed with our seals, and dated the day of in the year of our Lord one