Lapas attēli
PDF
ePub

ARKANSAS.-Chattel mortgages must be acknowledged before some person authorized by law to take acknowledgments, and filed or recorded in the county where the mortgagor resides, and are liens on the property mortgaged only from such time. If filed without being recorded, the lien expires in one year, unless within thirty days before the expiration of the year the mortgagor files an affidavit showing his interest in the mortgaged property and the amount due. After condition broken, suit may be brought on the mortgage, and judgment rendered for the sale of the property and the recovery of the debt against the defendant personally. If the property does not bring two-thirds of the appraised value, the sale may be postponed for sixty days, unless the right of appraisal is expressly waived in the mortgage.

CALIFORNIA.— The following property may be mortgaged: Locomotives and rolling stock of a railroad company, steamboat machinery, and machinery used by machinists, foundrymen, and mechanics, vessels of more than five tons burden, pianos and organs, steam engines and boilers, mining machinery, printing presses and materials, professional libraries, instruments of surgeons, physicians, surveyors, and dentists, and the instruments, negatives, and fixtures of photograph galleries, apholstery and furniture and household goods, oil paintings, pictures, and works of art, growing crops, wine, fruit brandy, fruit syrup, or sugar and apparatus used in the manufacture or storage of the same; iron and steel safes, cattle, horses, mules, swine, and sheep, harvesters' threshing outfits, hay presses, and farming implements; abstract systems, books and papers of searchers of records, raisins and dried fruits cured or in process, boxes, fruit graders, drying trays, and fruit ladders. The mortgage is void against creditors, unless accompanied by an affidavit of all the parties that it is made in good faith and without any design to defraud creditors, and unless it is acknowledged and recorded in the same manner as a deed of real property, in the office of the recorder for the county where the mortgagor resides, and also where the property is situated. Chattel mortgages may be foreclosed, as in the case of pledges by sale after demand; the mortgagee must give notice of the time and place of sale, which must be by public auction; or he may foreclose by action, and the court by its judgment may direct a sale of the property.

COLORADO.—The property must be delivered to the mortgagee, or the mortgage acknowledged and recorded in the county where the property, or a greater part is, and it is then valid for two years if the mortgage debt does not exceed $2,500, for five

years if the debt does not exceed $20,000, and ten years for larger sums. If the amount exceeds $2,500 mortgagee must annually file a sworn statement that the mortgage was given in good faith to secure the sum mentioned therein, and the amount due. Mortgage for less than $300 for not exceeding six months may be filed without being recorded. When chattel mortgages are in form of trust deeds, they contain a power of sale by the trustee at public auction, on giving certain notice. Otherwise there is no statute provision in regard to foreclosure. After default the mortgagee has thirty days to take possession of the property, and until possession is taken mortgagor has right to redeem.

CONNECTICUT.-Machinery, engines, or implements situated or used in any manufacturing or mechanical establishment, presses, types, etc., pertaining fo a printing establishment, household furniture used in housekeeping, hay in a building, tobacco in the leaf, pianos, organs, and melodeons, and any instrument used by a band or orchestra, and brick, burned or unburned, in any kiln or brickyard may be morte

gaged. The mortgage must be executed, acknowledged, and recorded in all respecta as a deed of land, and, on breach of condition, may be foreclosed by order of court.

DELAWARE. — Chattel mortgages must be acknowledged and recorded within ten days, and the lien continues for five years. They must be renewed every three years. Mortgages are foreclosed by suit in court.

DISTRICT OF COLUMBIA. - Security on chattels is usually taken by deeds of trust, which must be recorded within twenty days, and which usually confer on the trustee power to sell in case of default after giving notice by advertisement.

FLORIDA. — The property mortgaged must be delivered to the mortgagee, or the deed must be executed and acknowledged in the same manner as deeds of real property (see Deeds, etc.), and recorded within ninety days in the office of records for the county where the property is at the time of the execution of the mortgage. The mortgage is foreclosed by bill in equity in the circuit court for the county where the property is, except mortgages for less than one hundred dollars, which may be foreclosed in a justice's court. When a mortgage is paid in full, it must be canceled on the records by the mortgagee, and failure to do so for thirty days after written demand is punishable by fine or imprisonment or both.

GEORGIA. The mortgage must clearly indicate the creation of the lien, specify the debt and the property to be secured. It must be executed in presence of, and attested or proved by or before, a notary public or a judge or clerk of court, and recorded within thirty days in the county where the mortgagor resides, and in the county where the property is; but record at any time is due notice. In order to foreclose, the mortgagee must go before some officer of the State authorized to administer oaths (or a commissioner for Georgia, if he be a non-resident), and make an affidavit of the amount due, and that the mortgagor, if a resident of the State, resides in the county where the foreclosure is made, which affidavit shall be affixed to the mortgage, and the mortgage filed in the office of the clerk of the superior court for the county where the mortgagor resides; and the clerk shall thereupon issue an execution directing the sale of the property. The sheriff shall levy on the property, and after advertising weekly for four weeks, may sell the same. When the debt is not over one hundred dollars, the proceedings may be before a justice of the peace, who may issue execution after notice to the mortgagor, and the constable may sell after advertising sale in three or more public places in his district.

IDAHO. —Mortgages of personal property must state the residence of the mortgagor and mortgagee, the sum to be secured, rate of interest, and when and where payable, and the mortgagor must acknowledge the instrument and make affidavit that the mortgage is bona fide, and made without design to defraud or delay creditors. The mortgage and affidavit attached must be recorded in the county where the mortgagor resides, and also in that in which the property is situated. Foreclosure may be by action, or the mortgaged property may be sold at sheriff's sale.

ILLINOIS. — Mortgages of personal property are not valid unless the property is delivered to the mortgagee, or unless the instrument is acknowls edged before a proper officer, and recorded in the county where he resides, or if he is a non-resident, in the county where the property is. The lien expires in three years from the date of record unless within thirty days before the expiration of three years, or the maturity of the debt, the parties file with the recorder and with the justice upon whose docket the acknowledge

me

a

ment was recorded, or his successor, an affidavit setting forth the interest of the mortgagee in the property, the amount unpaid and when due, by which the lien is extended for one year longer from the filing thereof, or until the maturity of the debt not to exceed one year. After default, the mortgage must be at once foreclosed, or the lien will lost. Chattel mortgages usually contain a power of sale and may be foreclosed in accordance therewith, except mortgages on necessary household goods, wearing apparel, or chanics' tools, which can be foreclosed only in a court of record. A mortgage by a married man or woman on household goods is not valid unless joined in by wife or husband.

INDIANA. If the goods are not delivered, the mortgage must be acknowledged in the same manner as deeds of real property, and recorded within ten days in the county where the mortgagor lives, or if he be a non-resident in the county where the property is. There is no strict foreclosure. The mortgagee is entitled to possession of the property on breach of the condition, and may bring an action to recover the same, but the equity of redemption of the mortgagor can be extinguished only by public sale after proper notice, or by sale on foreclosure proceedings. Mortgage of household goods must be foreclosed by suit.

IOWA. — The mortgage is not valid unless it is in writing, signed, acknowledged and recorded in the county where the holder of the property resides. Chattel mortgages for the payment of money only, and in which the time of payment is fixed, may be foreclosed by notice and sale. The notice must contain a full description of the property, and the time and place of sale, with the terms of the same, such notice to be served on the mortgagor and purchasers from him, and on all persons having recorded liens subsequent to the mortgagor, and afterwards published in the same manner as in case of sale of property on execution. Mortgage of property exempt from execution must be signed by both husband and wife.

KANSAS. Unless the property be delivered to the mortgagee, the mortgage, or a copy of it, must be deposited in the office of the register of deeds for the county where the mortgagor resides, or where the property is if he is a non-resident, and, in order to preserve the lien, an affidavit must be filed within thirty days of the expiration of each two years by the mortgagee, stating that his interest is a continuing one, and the amount then due. After condition broken, the mortgagee or his assignee may proceed to sell the mortgaged property, or so much thereof as is necessary to satisfy the mortgage, having first given notice of the time and place of the sale by written or printed handbills posted in at least four different places in the township or city in which the property is to be sold, at least ten days before the sale, or if the mortgage so provides he may sell at private sale. Mortgage of exempt property must be signed by husband and wife jointly. Promissory notes and other written instruments evidencing conditional sale of personal property retaining title in vendor until price is paid in full are subject to the same provisions as to record, etc., as chattel mortgages.

KENTUCKY.-- Chattel mortgages must be acknowledged, and recorded in the office of the clerk of the court for the county where the mortgagor resides. They may be foreclosed by bill in equity. If the mortgagee takes possession for foreclosure, the mortgagor has five years to redeem. LOUISIANA. Chattel mortgages are unknown. Security is given by means of pledge. Agreements allowing the creditor to appropriate the pledge to himself are null.

MAINE. Mortgages of personal property are not valid unless the property is delivered, or the mortgage is recorded by the clerk of the town

a

resides, or if he is a non-resident, in the town where the property is when the mort. gage is made. After condition broken, the mortgagee or his assignee may give the mortgagor written notice of his intention to foreclose, by leaving a copy thereof with the mortgagor, or, if he is absent from the State, by leaving such copy at his last and usual place of abode, or by publishing a copy once a week, for three successive weeks, in one of the principal papers of the town where the mortgage is recorded. The notice, with an affidavit of service, or copy of the publication, must be recorded where the mortgage is recorded, and all right of redemption is forfeited in sixty days after such notice is recorded. If the mortgagee is a non-resident, he must record with such notice his appointment of an agent in the same town, to whom ten. der or payment may be made. Notes given for the purchase of property, with the proviso that it shall remain the property of the payee until paid, are subject to the same provisions as to record and foreclosure as chattel mortgages.

MARYLAND.— Mortgages and bills of sale must contain the names of the parties, the consideration, and a description of the property mortgaged, and an affidarit by the mortgagee that the consideration named is true and bona fide as set forih, and that the mortgagor has not been required to pay the mortgage tax; they must be signed, sealed, dated, and acknowledged, and recorded in the county or city where the vendor resides within twenty days after the date of the mortgage. The Dortgage may be foreclosed by sale under the supervision of a court of equity.

MASSACHUSETTS.-Chattel mortgages need not be under seal nor ac. knowledged. They must be recorded within fifteen days after date on the records of the city or town where the mortgagor resides, and also in the city or town in which he principally transacts his business. If a non-resident, the mortgage must be recorded in the city or town where the property is. If it requires to be twice recorded, the second record will be good if made within ten days after the first. A record not made within the time specified is of no effect. The mortgagee or his assigns, after condition broken, may give to the mortgagor written notice of his in. tention to foreclose the same, which notice shall be served by leaving a copy with the mortgagor, or person in possession of the property claiming the same, or by publishing it at least once a week, for three successive weeks, in one of the principal newspapers published in the town or city where the mortgage is properly recorded, or where the property is situated. The notice, with an affidavit of service, shall be recorded wherever the mortgage is recorded. Unless the mortgagor tenders payment of the amount due within sixty days after such record the right to redeem will be foreclosed. If the mortgage contain a power of sale, the property may be sold in accordance with its terms.

MICHIGAN.-If not accompanied by delivery of the property mortgaged, the mortgage or a copy thereof must be recorded in the office of the clerk of the city or town where the mortgagor resides, or, if he be a non-resident, where the property is, and, within thirty days before the expiration of each year, the mortgagee must file an affidavit setting forth his interest in the property. There are no statute provisions in regard to foreclosure. Each mortgage should contain provisions as to its own foreclosure, which will be carried into effect. In the absence of such provisions, Loreclosure will be by proceedings in chancery. A mortgage may be made to cover goods purchased to replace the stock originally mortgaged.

MINNESOTA. The mortgage must be made in good faith and not for the purpose of hindering, delaying, or defrauding creditors. It must either be attested by two witnesses, acknowledged and recorded in the clerk's office of the town where the property is situated or, if not so attested and recorded, the mortgagee must have immediate possession of the goods or proporty and maintain such possession until the debt is paid. The lien continues for six years from the date of filing, or, if debt is not then due, for two years after maturity. Mortgage of exempt property must be executed by both husband and wife. Foreclosure must be by public sale in the county where the property is or the mortgage filed. Notice of sale containing names of mortgagor, mortgagee, and assignee, of any, date of mortgage, nature of default and amount due, description of the property, time and place of sale and name of person foreclosing, must be served upon person in possession of the property and mortgagor, if in the county, and posted in three public places in the county at least ten days before the sale. Person foreclosing must within three days after sale file in the office where the mortgage is filed a report, under oath, of foreclosure proceedings, specifying property sold, amount received, account of costs and expenses and of the disposition of proceeds and amount applied on mortgage debt. Property sold may be redeemed within two days after sale.

MISSISSIPPI. — Mortgages of personal property must be acknowledged, and recorded in the office of the clerk of the court of chancery for the county where the property is, and are notice to third parties from the date of record. The mortgage should contain provisions as to foreclosure, sale, etc., and may be foreclosed in accordance with the terms expressed in the same.

MISSOURI. — Mortgages are usually in form of deed of trust with power of sale. Unless the property is delivered, the mortgage must be acknowledged or proved and recorded in the county where the mortgagor resides, or, if he be a non-resident, where the property is. Mortgages with power of sale may be foreclosed in accordance with such power, and such sale bars the right of redemption. All mortgages in which the debt, exclusive of interest does not exceed one hundred dollars, may be foreclosed by sale of the property by the mortgagee, he first giving sixty days' notice after default that the property will be sold, and thirty days' notice of the time and place of sale. All other mortgages may be foreclosed by petition to the circuit court.

MONTANA. --A chattel mortgage must be accompanied by an affidavit of the parties that it is made in good faith to secure the amount named therein, and without design to hinder or delay creditors, and must be acknowledged and filed in the office of the recorder of deeds of the county where the mortgagor resides, or if he be a non-resident, where the property is situated, and is good for one year and sixty days from the date of filing, but may be renewed for a period not exceeding one year by filing an affidavit at or before maturity of debt, showing names of mortgagor and mortgagee, date of filing, amount of debt secured and amount then due, and that mortgage was not made or renewed to hinder, delay, or defraud creditors or subsequent mortgagees. Foreclosure is the same as in the case of mortgages of real property, but the mortgage may contain a clause authorizing the sheriff to sell the property on default, in which case he may sell in the manner specified in the mortgage without further legal proceedings.

« iepriekšējāTurpināt »