of MORTGAGES.

AMORTGAGE is "where one who has

borrowed a fum of money of another,

grants to the lender an eftate, &c. to hold till repayment of the money borrowed, and as a pledge or fecurity for such re-payment." The ufual condition of the pledge is, that if the mortgagor repay to the mortgagee the fum lent, on a certain day mentioned in the deed, the mortgagee shall re-convey the eftate to the mortgagor, the legal confequence of which is, that unless the money be paid on the day fpecified, the eftate becomes abfolutely and unconditionally vested in the mortgagee.

Immediately on the execution of the deeds the mortgagee is entitled to take poffeflion of the eftate; but as he is liable to be difpoffeffed on payment of the money by the borrower on the day limited in the deed, it is customary in practice for the parties to agree that the mortgagor fhall continue in poffeffion till failure of the condition, when he may, (though he. feldom does) enter upon the lands, &c. as his own rightful eftate, and which is at law abfolute and indefeafible. But as it frequently happens, that a neceffitous borrower is induced

to pledge lands, &c. of confiderable value for the loan of a finall fum of money, Courts of Equity have long affumed the jurisdiction of compelling the mortgagee to restore the eftate on being tendered within a reasonable time his principal, intereft, and expences. The time, which, according to the general run of cafes on this fubject has been deemed reafonable, is twenty years, after which, a court of equity will feldom interfere. And by 4 & 5 Wil. & Mar. " if a perfon mortgages his eftate without previously informing the mortgagee in writing, of any prior mortgage, or incumbrance, which he may have voluntarily brought upon the eftate, the mortgagee shall hold the estate as an abfolute purchaser, free from the equity of redemption of the mortgagor.

A mortgage may be either in fee, or for a term of years, but the latter is now most generally adopted, in order that in cafe of the mortgagee's death, the eftate may vest in his perfonal reprefentatives, who, in either cafe, will be entitled to receive the mortgage money; and a very long term of years, is evidently, when the eftate is of fufficient value, as good a fecurity as the fee itself.

See more relative to the extenfive head of Mortgages, 3 Wood Conv. 334. Lil. Cɔnv. 415.

2 Black. Com. 157. Pow. Mortg. paffim. and Co. Lit. 208. (a)

*A mortgage in fee to secure £

and

intereft, with covenant to levy a fine to bar dower.

THIS indenture made &c. between A. B.

of, &c. and C. his wife, of the one part, and E. F. of, &c. of the other part, Witneeth, that for and in confideration: of the fum of of lawful money of

Great Britain, to the faid A. B. well and truly paid by the faid E. F. at or before the fealing and delivery of these presents, the receipt whereof he the faid A. B. doth hereby acknowledge, and thereof, and therefrom, and from every part thereof doth acquit, releafe, exonerate, and for ever difcharge the faid E. F his heirs, executors, adminiftrators, and affigns, and every of them by these presents, He the faid A. B. Hath granted, bargained, fold, aliened, released, and confirmed, and by thefe prefents Doth grant, bargain, fell, alien, releafe, and confirm unto the faid E. F. (in his actual poffeffion now being, by virtue of a bargain and fale for one whole year to him thereof made by the faid A. B. by indenture, bearing date the day next before the day of the date of these prefents, and by force of the ftatute made for transferring ufes into poffeffion) and to his heirs All, &c. and all ways, waters, watercourfes, eafements, profits, pri

vileges, commodities, advantages, emoluments, hereditaments and appurtenances whatsoever, to the faid meffuages, lands, tenements, hereditaments, and premifes belonging or in any wife appertaining, or therewith or with any part or parcel thereof, ufually held, ufed, occupied or enjoyed, or accepted, reputed, deemed, taken, or known as part, parcel, or member thereof, or of any part thereof.

And the reverfion and reverfions, remainder and remainders, yearly and other rents, iffues, and profits thereof, and of every part and parcel thereof; and all the eftate, right, title, intereft, truft, property, claim and demand what foever, both at law and in equity of him the faid A. B. of, in, to, or out of the fame premises, every or any part or parcel thereof. And all deeds, evidences, and writings whatfoever, in the cuftody or power of the faid A. B. which concern or relate to the faid premifes hereby granted and released, or any part or parcel thereof, folely and alone, and true and attefted copies of all fuch other deeds, evidences and writings in the cuftody or power of the faid A. B. which concern or relate to the fame premises, or any part or parcel thereof jointly, with any other lands, tenements, or hereditaments, fuch copies to be transcribed and taken at the cofts and charges of the faid A. B. To have and to hold the faid meffuages, lands, tenements, hereditaments, and all and fingular other the premifes hereby granted and releafed, or mentioned and intended fo to be, and every part or parcel thereof, with their and every of their appurtenances unto the faid E. F. his heirs and affigns, To the only proper use and behoof of the faid E. F. his heirs and affigns for ever, fubject nevertheless to such provifo or con

Covenant

dition for redemption of the faid premises as hereinafter is mentioned and contained. And to levy a for the better and more effectually fecuring the fine to bar payment of the faid fum off

together dower. with lawful intereft for the fame unto the faid E. F. his executors, adminiftrators, and affigns, in manner hereafter mentioned, and for extinguishing the dower and title to dower of the faid C. the wife of the said A. B. of, in, and to the faid meffuages, lands, hereditaments and premises fo granted and released; and for fettling, conveying, and affuring the fame, To and for the feveral ufes, eftates, intents and purposes hereinafter limited and declared of and concerning the fame, he the faid A. B. doth hereby for himself, his heirs, executors, and administrators, and for the faid C. his wife, covenant, promife, and grant, and fhe the faid C. doth confent and agree to and with the faid E. F. his heirs and affigns, that they the said A. B. and C. his wife thall and will at the cofts and charges of him the faid A. B. in Hilary Term now next, or some other fubfequent term, acknowledge and levy in due form of law in his Majesty's Court of Common Pleas at Westminster, before the juftices of the fame Court, unto the said E. F. and his heirs one fine fur conuzance de droit come ceo, &c. with proclamations to be thereupon had according to the ftatute in that cafe made and provided, and according to the ufual courfe of fines with proclamations for affurance of meffuages, lands, tenements, and hereditaments in the faid court, of all and fingular the hereinbefore mentioned and intended to be hereby granted and released meffuages, lands, tenements, hereditaments, and premifes, by fuch apt and fit names, defcriptions, quantities, and qualities of land,