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TEXAS.-The deed must be signed and acknowledged, or proved by two witnesses, and recorded in the office of the clerk of the county court where the land lies. Seals are not necessary.

UTAH.-Deeds must be signed by the grantor in the presence of one or more witnesses, acknowledged, or proved and recorded. A seal is unnecessary.

VERMONT.- Deeds must be signed and sealed (the letters L. S. are sufficient) in the presence of two witnesses, acknowledged, and recorded in the clerk's office of the town or city where the property is.

VIRGINIA.- A deed must be signed and sealed by the grantor, acknowledged or proved by two witnesses, and recorded in the office of the county clerk of the county where the land lies. A scroll is sufficient.

WASHINGTON. - The deed must be in writing, signed by the grantor, a knowledged, and recorded. The use of private seals is abolished. The lorrens system of land title registration and certification has been adopted.

WEST VIRGINIA. - Deeds must be executed under seal or scroll, acknowledged or proved by two witnesses, and recorded in the county where the land is. Witnesses are not required when deed is acknowledged.

WISCONSIN. - Deeds must be signed and sealed in presence of two witnesses, acknowledged, and recorded in the county where the lands are. A scroll answers for a seal.

WYOMING.- Deeds must be signed and sealed by the grantor in the presence of one witness, acknowledged, and recorded. A scroll answers for a seal.

CHAPTER XXX.

MORTGAGES OF LAND.

THE purpose of a mortgage is to give to a creditor the security of property. It is very similar to a pledge, although not the same thing.

Mortgages are now made of personal property, as well as of real property; but we will consider in this chapter a mortgage of real property; or, as it is usually called, a mortgage deed.

This is a deed conveying the land to the creditor as fully, and in precisely the same way, as if it were sold to him outright; but with an addition. This consists of a clause inserted before the clause of execution, to the effect that if the grantor (the mortgagor) shall pay to the grantee (the mortgagee) a certain amount of money at a certain time, then the deed shall be void. It is usually expressed in words substantially like these:

"Provided, nevertheless, that if the said A B (tne grantor), his heirs, executors, or administrators, shall pay to the said C D (the grantee), his executors, administrators, or assigns, the sum of $ with interest (semi-annually, or otherwise as agreed on), on or before the day of, then this deed, and also a certain promissory note signed by said A B; whereby said A B promised to pay said C D, or his order, the said sum at the said time, shall both be void; and otherwise shall remain in full force."

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In some states it is more frequent to make a bond, instead of a note, to be secured by the nortgage; and the proviso should be altered accordingly; and it should also be made to express any other terms agreed on. Some of these will be spoken of presently.

In law, everything is a mortgage which consists of a valid conveyance, and a promise, or agreement, which may be on the same or on a different piece of paper or instrument, providing that the conveyance shall be void when a certain debt is paid, or the act performed for which the mortgage is security.

The mortgagee has now a title to the land; but it is subject to avoidance by payment of the debt. Until such payment, the land is his; and all the mortgagor owns in relation to it is a right to pay the debt and redeem the land. Hence, a mortgagee has instantly as good a right to take possession of the land (unless, as is now common, the deed provides that the mortgagor may retain possession) as if he were an outright purchaser.

Formerly, a mortgagor had a right to redeem his land only before or when the debt became due; for if he did not pay the money when it was due, he had no further right. But courts of equity, deeming this too hard, allowed him a further time to redeem it. And courts of law adopted the same rule, which is also contained in the statutes of all our States. This right to redeem is called a right in equity to redeem, or, more briefly and commonly, an equity of redemption; which all courts now regard and protect. The mortgagor may sell this equity of redemption, or he may mortgage it by making a second or other subsequent mortgage of the land, and it may be attached

by creditors, and would go to assignees as a part of his property if he became insolvent. The time within which a mortgagor may thus redeem his land is usually three years.

The law regards this equity as so important that it will not permit a party to lose it by his own agreement. Thus, if a mortgagor agrees with the mortgagee, in the most positive terms, or in any way he can contrive, or for any consideration, that he will have no equity of redemption, and that the mortgagee may have possession and absolute title as soon as the debt is due and unpaid, the law sets aside all such agreements, and gives the debtor his equity of redemption for three years.

Within a few years, however, a way has been found to effect this purpose indirectly, which the law sanctions. Many persons object to lending their money on mortgage, because they will have to wait three years after the debt is due before the land can be certainly theirs. But it is now quite common for the mortgage deed to contain an agreement of the parties, that, if the money is not paid when it is due, the mortgagee may, in a certain number of days thereafter, sell the land (providing also such precautions to secure a fair price as may be agreed on), and, reserving enough to pay his debt and charges, pay over the balance to the mortgagor. This is called a power of sale mortgage.

The three years of redemption do not begin from the day when the debt is due and unpaid, unless the mortgagee then enters and takes possession for the purpose of foreclosing the mortgage, as the legal phrase is; by which phrase is meant extinguishing the equity of redemption. If the debt has been due a dozen years, the mortgagor may still redeem, unless the mortgagee has entered to forcclose, and three years have elapsed afterwards.

He may make entry for this purpose in a peaceable manner, before witnesses, as pointed out in the statutes regulating mortgages, or by an action at law.

If the mortgagor redeems, he must tender the debt, with interest, and the lawful costs and charges of the mortgagee; but he will be allowed such rents and profits as the mortgagee has actually received, or would have received but for his own fault.

It is commonly thought that the mortgagor has a right to retain possession until the debt is due and unpaid, and in fact he usually does so. But we have seen that the mortgagee has just as much right of immediate possession as a buyer; and therefore, if it is not intended that he should have possession at once, the mortgage deed ought to contain a clause to the effect that the mortgagor may retain possession as long as he pays instalments and interest as due, and complies with his other agreements.

One of these other agreements, which is now very common, is that the mortgagor shall keep the premises insured in a certain sum for the security of the mortgagee; and, if there be such an agreement, it should be expressed in the deed. Otherwise, if the mortgagee insures the house, he cannot charge the premium to the mortgagor.

If a mortgagor erects buildings on the mortgaged land, or puts fixtures there, and the mortgagee takes possession of the land, and forecloses the mortgage, he gets all these additions. If the mortgagee puts them on the land, and the mortgagor redeems, he gets the benefit of them all, without paying the mortgagee for them. Such is the effect of the law if there be no bargain between the parties about these things. But they may make any bargain about them they choose to make.

In the Forms appended to this chapter are many Forms of release and discharge of mortgages. In some states it is common to release a mortgage by a quitclaim deed from the holder of the mortgage to the holder of the land or of the equity or right of redemption. And not unfrequently it is done by an acknowledgment of satisfaction, release, or discharge drawn by the Register or Recorder of Deeds on the margin of the record of the mortgage, and dulv signed by the mortgagee or holder of the mortgage. Any instrument will have the effect of discharging and annulling a mortgage, which declares with sufficient definiteness that the debt, obligation, or covenant, which that mortgage was intended to secure, is paid, satisfied, or performed; the instrument being duly signed, sealed, and acknowledged, and placed on record. It takes effect like other deeds from the time it is placed in the Recorder's hands.

Whenever a mortgage is discharged in any way, the Recorder makes an entry to that effect on the margin of the record of the mortgage.

The remarks which were made at the close of the preceding chapter (just before the Forms) concerning the various Forms of deeds conveying land, apply with equal force to deeds of mortgage of land; and I refer to them now because they are equally necessary to the proper understanding and use of the following Forms.

(169.)

A Promissory Note, to be Secured by Mortgage.

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This note is secured by a deed of mortgage of even date herewith from

to

(170.)

(Signature.)

Bond, to be Secured by a Mortgage.

Know all Men by these Presents, That I (name of obligor) of

in the County of

and State of

, am held, bound, and obliged unto (name of obligee) of
and State of

in the

in the County of sum of (penalty usually twice as much as the actual debt) to be paid to the said (the obligee) his executors, administrators, heirs, or assigns, and to this payment I hereby bind myself, my heirs, executors, and administrators, firmly by these presents.

year

Sealed with my seal, this

in the year

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The Condition of the above obligation is such, that if I the said (name of the obligor) or my heirs, executors, or administrators, shall pay or cause to be paid unto the said (name of the obligee) his heirs or assigns the sum of (here insert the amount of the debt or sum to be secured) on the day of with interest at per cent., payable six months from the date hereof, and every six months afterwards, until the said sum is paid, then the above obligation shall be void and of no effect, and otherwise it shall remain in full force. And I further agree and covenant, that if any payment of interest be withheld, or delayed for days after such payment shall fall due, the said principal sum and all arrearage of interest thereon, shall be and become due immediately en

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