on said premises; and that he will leave the premises in good repair. (I there are any other agreements between the parties, they should be inserted here.)

And also, that if the term hereby granted shall be at any time seized, or taken in execution, or in attachment, by any creditor of the said lessee, or if the said lessee shall make any assignment for the benefit of creditors, or, becoming bankrupt or insolvent, shall take the benefit of any act that may be in force for bankrupt or insolvent debtors, the said term shall immediately become forfeited and void, and the full amount of the current

rent shall be at once due and payable; and also, that if the said premises be destroyed, or so much injured as to become unfit for occupation, by fire or other casualty, not caused by the wilful default or neglect of the said lessee, his executors, administrators, or assigns, the said term hereby demised shall cease, and the current rent shall be fully apportioned, and the due

proportionate part thereof shall be at once due and payable.

Proviso for re-entry by the said lessor on non-payment of rent or nonperformance of covenants, or seizure or forfeiture of the said term for any of the causes aforesaid; the said lessor covenant with the said lessee fo quiet enjoyment.

In Witness Whereof, The said parties to these presents have hereunto set their hands and seals.

Signed, Sealed, and Delivered in the Presence of

(239.)

Lease of Land in use Generally in the British Provinces.

day of

in the year between (name,

This Indenture, Made the of our Lord one thousand nine hundred and residence, and occupation of the lessor) of the one part, and (name, residence, and occupation of the lessee) of the other part,

Witnesseth, That for and in consideration of the rents, covenants, agreements, and provisos hereinafter reserved and contained, and which by and on the part and behalf of the said executors, administrators, and

assigns, are to be paid, kept, done, and performed, he the said

ha

granted, demised, leased, set, and to farm letten, and by these presents

exec

do grant, demise, lease, set, and to farm let, unto the said utors, administrators, and assigns, all that tract, piece, or parcel of land situate, lying, and being on lot or township number

and the Province of

in the County of bounded and described

as follows; that is to say (here describe the premises leased) containing, by estimation, acres, be the same a little more or less, together with all buildings, woods, underwoods, ways, waters, watercourses, profits, commodities, privileges, advantages, and appurtenances whatsoever to the said premises belonging, or in anywise appertaining.

To Have and to Hold the said tract, piece, or parcel of land, and prem

fses hereby demised, with their appurtenances. unto the said

executors, administrators, and assigns, from the

day of

for and during and until the full end and term of years from thence next ensuing, and fully to be complete and ended; subject, nevertheJess, to the quit-rents to become due, exceptions, reservations, covenants, easements, and conditions in the original grant or letters-patent of the sid reserved and contained. Yielding and paying therefor yearly, and in every year during the said term hereby granted, unto the said heirs or assigns, the clear yearly rent or sum of without making

any deduction or abatement whatever for or in respect of any present or future quit-rents, land taxes, or other parliamentary, legislative, colonial, or parochial taxes, assessments, payments, or impositions whatsoever, by yearly payments; that is to say, on the

day of

every year, the first payment to become due and be paid on

And the said

do for

in day

of heirs, executors, and administrators, covenant, promise, and agree to and with the said heirs and assigns, in manner following that is to say, that the said executors, administrators, and assigns, shall and will, from time to time, and at all times during the continuance of the term hereby granted, well and truly pay, or cause to be paid, unto the said

heirs and assigns, the said yearly rent hereby reserved, upon the days and times, and in the manner hereinbefore mentioned for the payment of the same, according to the true intent and meaning of these presents. And also, the said executors, administrators, and assigns, shall and will pay, satisfy, and discharge, or cause to be paid, satisfied, and dis charged, all and all manner of quit-rents, land taxes, and other parliamentary, legislative, or parochial taxes, rates, assessments, payments, or impositions whatsoever, now or at any time hereafter during the said term hereby demised, payable, or to become payable, for or in respect of the said prem'ses, or any part of them, or the said yearly rent or any part thereof.

Provided always, nevertheless, and these presents are upon this express condition, that if the said yearly rent hereinbefore reserved, or any part thereof, shall be in arrear for the space of after the same ought to have been paid as aforesaid (although no legal or formal demand shall have been made for the same), that then, and in every such case, and at all times hereafter, it shall and may be lawful to and for the said heirs and assigns, either to sue or distrain for the same, or into or upon the said demised premises, or into any part thereof, in the name of the whole, wholly to re-enter, and the same to have again, retain, repossess, and enjoy, as in former state; and the said and other occupiers

and possessors thereof, thereout and from thence utterly to expel, put out, and remove, anything hereinbefore contained to the contrary thereof in any wise notwithstanding. And the said for heirs and assigne,

do hereby covenant, promise, and agree to and with the said executors, administrators, and assigns, that

paying the said yearly rent

hereby reserved, and performing the covenants and agreements hereinbefore mentioned and contained, and which on part and behalf are or ought to be paid, done, and performed (subject, nevertheless, as aforesaid), shall and may peaceably and quietly have, hold, use, occupy, possess, and enjoy the said hereby demised premises, with the appurtenances, for all the term hereby granted, without the lawful let, suit, trouble, denial, eviction, ejection, interruption, or disturbance whatsoever, of, from, or by the said

heirs or assigns, or of, from, or by any other person or persons lawfully claiming or to claim the said hereby demised premises, or any part or parcel thereof.

In Witness Whereof, I, the said (name of lessor), have hereunto subscribed my name and affixed my seal, at

in the year of our Lord

on the

day of

(Name of grantor.) (Seal.)

Executed and Delivered in the Presence of

CHAPTER XXXII

MORTGAGES OF GOODS AND CHATTELS, OR PERSONAL
PROPERTY.

MORTGAGES are now often made of personal property. Any instrument will answer the purpose, which would suffice as a bill of sale of the property, and which contains, in addition to the words of sale and transfer, a clause providing for the avoidance of it when the debt is paid. I append to this chapter

forms for this purpose. When the mortgagor of personal

property retained possession, it was formerly doubtful what security the mortgagee had. Now, however, it is generally provided by statute, that the mortgagor may retain possession, if the mortgage be recorded.

These instruments should always be recorded according to the provisions of the statute of the State in which they are made; although the general rule would apply to them, that they would operate without record as to all parties having notice or knowledge of them. The statutes respecting mortgages of nersonal property always provide for an equity of redemption, Wnion is usual very much shorter than that of land. A frequent period is sixty days. The requirements of the statute in respect to notice, foreclosure, etc., must be strictly followed.

It used to be thought that a personal mortgage might be made to cover property subsequently acquired by the mortgagor. Thus, a dealer in dry goods would mortgage all his stock to secure some creditor, and provide in the mortgage that it should operate upon all his goods and merchandise subsequently acquired by him. But it has been held that such a clause has no effect; because no man can make a mortgage of property which he does not own at the time.

We give annexed to this chapter the laws of all the States relating to mortgages of personal property.

THE PLEDGE OF PERSONAL PROPERTY.

A PLEDGEE is bound to take ordinary (not extreme) care of the thing pledged; and, if it be lost or injured for want of such care, he is answerable. He cannot use it, except at his own peril; that is, he is liable for any injury caused by using it, even if it was not his fault. If the thing as a horse-needs use for its own safety, then the pledgee may use it for this pur. pose, and is liable only for an injury caused by his negligence. He must account with the pledgor for the income, increase, or profits.

One difference between a mortgagee and a pledgee is this: A mortgagee need not take possession, for the mortgagor may retain it, and now this is provided for, as we have seen, by recording the mortgage. But if a thing is given in pledge, the pledgee must have and keep possession of it.

The most important difference is this. A mortgagee may sell and transfer his mortgage, and his transferee may transfer it again, and so on; and when the debt is paid, the mortgagor reclaims it from whomsoever has it then. But if a pledgee sells the pledge before the debt is due, it is held that he is at once answerable to the pledgor for its full value, although the debt be not paid.

Some cases of this kind have been carried very far in New York. It is held there, and on grounds which may perhaps suffice to make it law everywhere,-that if A lends money to B, and takes stocks in pledge, A cannot sell these stocks and keep the proceeds, and replace the stock and return it when

the debt is paid. He can do nothing but keep the stock; and if he sells it, the pledgor may recover at once its full value, and the pledgee will have no security for his debt. In such a case, a pledgee, being sued, offered the testimony of brokers and others to prove a uniform and established usage in the city of New York thus to sell or use pledged stock until the debt was paid; but the court said the usage was illegal, and refused to receive the evidence.

It is certain that after the debt is due and payable, and after demand if it be payable on demand, the pledgee may have a decree in chancery for a sale of the pledge, or may sell it himself: provided he first gives a reasonable notice to the pledgor, and then sells it, after a reasonable delay, in a proper manner, by a public sale at auction; and uses all reasonable precautions to get its value, as by advertisement, etc.; and does not buy it himself, directly or indirectly; and conducts himself in all respects honestly; and then he must account for the proceeds.

Sometimes the parties agree, when the pledge is given, or afterwards, how the pledge shall be treated, or how sold if not redeemed, etc.; and such agreements, if fair and reasonable, would undoubtedly be binding on both parties.

It is agreed that negotiable paper is excepted from the common rule; and the pledgee of that may sell or discount it before the debt is due; and must account for it, or its proceeds, if the debt is paid and the paper redeemed, or for the balance if he applies it to payment of the debt.

A loan of stock is not like a pledge of stock, because it authorizes the borrower to sell or pledge it, or use it in any way, at any time; but he must replace and return the same quantity of the same stock, when it is called for. If he could not thus make use of the stock, the loan of it would be of no benefit whatever to the borrower. But he cannot thus use stock pledged to him, unless by a special agreement which permits this use.

A pledgee, who receives a pledge to secure one or more specific debts, cannot retain it to secure other and further debts of the pledgor, unless with his consent. This consent may be express, or implied from words or circumstances which show that such was the understanding of the parties.