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tended to cover property which shall be afterwards acquired, may operate between the parties as an agreement to be executed, under which the mortgagee would have a right to take possession at such subsequent time as it should be acquired by the mortgagor, and he might then hold it, either as a mortgage or as a pledge. Moody vs. Wright, 13 Met., 32; Pettis vs. Kellogg, 7 Cush., 456; Rowly vs. Rice, 11 Met., 333.

Additions of labor and materials to the mortgaged property, by the mortgagor, after the mortgage, and while it remains in his possession, will not divest the title of the mortgagee: but, if the goods are substantially unchanged in character, the benefit of such additions will accrue to the mortgagee. Harding vs. Coburn, 12 Met., 333, 340; Crosby vs. Baker, 6 Allen, 295; Comins vs. Newton, 10 Allen, 518. In Massachusetts, a mortgage of a stock of goods, duly registered, is good, even where the mortgagor is allowed, not only to retain possession, but to sell them by retail from day to day, the same as before the mortgage: but, of course, the mortgage will not cover new goods, purchased by the mortgagor to replace those sold.

A mortgage of personal property may be made with a power of sale, like that usually inserted in a mortgage of real estate. Hosmer vs. Sargent, 8 Allen, 97.

A form for such mortgage can be readily combined from the power of sale inserted in No. 2 of forms of mortgage of real estate, if it be desired to make more careful provision for notices, advertising, &c., and the formalities of the sale, than is made in No. 3, of mortgages of personal property.

A mortgage of personal property of a partnership may be made by one partner in the firm name, or in the name of each partner signed by him: but if executed only in his individual name, it will pass no title. 7 Met., 244; 8 Allen, 102; Clark vs. Houghton, 12 Gray, 38.

Such a mortgage need not be under seal; and if it be sealed by one partner acting for the firm, the seal may be rejected as surplusage, to give effect and validity to the mortgage. Cady vs. Shepard, 11 Pick., 405.

The remedies of the mortgagee upon a personal mortgage are substantially the same as upon a mortgage of real estate, except as they may be modified by special statute provision, as they frequently are, and especially as to the period of time required to foreclose by possession in Massachusetts, and in some of the other States.

The stamps required are the same as for a real estate mortgage, except that, if an additional stamp be required for the power of attorney, in a personal mortgage containing power of sale, it need be only 50 cts. instead of $1.

FORMS.

MORTGAGES OF PERSONAL PROPERTY.

1. MORTGAGE OF FURNITURE, MACHINERY, OR ANY OTHER

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paid by C. D. of do convey to said C. D. the following personal property, to wit:-(or, if numerous, say, mentioned in the schedule hereto annexed)-warranted free of incumbrance: upon condition, that if I shall pay my certain promissory note, bearing even date herewith, given to the said C. D. or order, for the sum of dollars, according to the tenor of said note, then this mortgage shall be void. It is agreed that I shall retain possession till condition broken.

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(a) In some of the States, mortgages of personal property are to be sealed, witnessed, acknowledged, and recorded, precisely as a deed of real estate. It will do no harm in States where it is not required, as it adds to the credit of the instrument, if it should become for the interest of a creditor to attempt to set it aside as fraudulent, or, for any other reason, void. In most of the States, neither a seal or witness or acknowledgment is required; but everywhere, if posses

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following personal property, to wit: (or if the goods are too numerous to be recited, say, the goods and chattels mentioned in the schedule hereto annexed,) and now in the

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To hold the aforegranted goods and chattels, to the said C. D. and his assigns forever.

And I covenant, that I am the lawful owner of said goods and chattels, and have good right to dispose of the same in the manner aforesaid.

Provided, nevertheless, that if the said A. B. pay to the said C. D. or his assigns the sum of

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from date, with interest on said sum at the rate of

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cent. per annum, payable then this deed, as also a certain note of even date with these presents, given by said A. B. to said C. D. or order, to pay the said sum and interest at the times aforesaid, shall be void.

In witness whereof, I hereto set my hand and seal, this in the year of our Lord one thousand

day of

eight hundred and

Signed, sealed and delivered,

in presence of

See note (a)

A. B. [L. S.]

[Must be recorded.]

3. MORTGAGE, POWER OF SALE.

(The following, or other conditions, may be added, if desired.)

sion is retained by the mortgagor, they must be recorded. The local statute law is easily accessible, and every mortgagee would do well to inform himself what it requires, before resting upon his security. A little, expended in advice beforehand, would frequently have saved final loss to a careless creditor, who has taken a defective security and finds himself postponed to one who has been more vigilant.

But if default shall be made in the payment of the principal or interest above mentioned, or any part thereof, then said C. D. and his assigns are hereby authorized to take possession of the above described goods, chattels, and property, (or mentioned in the schedule hereto annexed,) and advertise and sell the same at public sale, or so much thereof as will be necessary to pay the principal sum, whether then or thereafter payable, with the interest thereon which may be due at the time of such sale, and all costs, charges, and expenses attending such sale; paying the surplus, if any there be, to said A. B. or his representatives, on demand.

It is agreed that said A. B. shall remain in possession of said property till condition broken.

Witness my hand and seal this
Executed in presence of

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18

day of

A. B. [L. S.]

[Must be recorded.]

4. MORTGAGE, TO SECURE INDORSEMENTS.

This indenture, made this between C. D. of

day of

A. D.

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, of the first part, and B. G. of , of the second part, witnesseth:

That the said G., at the request of the said D., has agreed to indorse certain notes of hand for his accommodation, and the said D. has agreed to give the said G. security against loss or damage by reason of such indorsements.

Now, in pursuance of such engagements, the said D. hereby sells, transfers, and sets over, to the said G., all the goods and effects in the annexed schedule mentioned, whereof the said D. covenants that he is the owner.

To hold the said effects to the said G. and his assigns. Provided, that if the said C. D. shall from time to time pay and discharge all the promissory notes which the said G. may indorse for his accommodation, as they shall respectively become payable, and shall secure and indemnify the said G. and his representatives from all cost and damage, on account of the liabilities that have been or may be assumed

by him in pursuance of the agreement aforesaid, then this instrument shall be void.

Provided also, and it is further agreed, that until default by the said D. in payment of any of the said notes, the said D. is to retain possession of the said effects, and to use the same without molestation by the said G. or his representatives.

And the said G. agrees with the said D., that in case of his taking possession of the said property, for a breach of the condition aforesaid, he will advertise and sell the same at public auction to the highest bidder; and, after indemnifying himself from the proceeds of such sale for the liabilities assumed by him, will account for and pay over the balance of the said proceeds to the said D. or his assigns on demand.

In witness whereof, said parties have hereto set their hands and seals, this, &c.

Executed in presence of

[Must be recorded.] (a)

C. D. [L. S.]

B. G. [L. S.]

5. DEED OF TRUST.-PERSONAL ESTATE.

This indenture, made the

between A. B. of

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day of

A. D. 18

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of the one part, and C. D. of

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of the other part, witnesseth: That the said A. B., in consideration of him paid, and of the agreements hereinafter mentioned by the said C. D. to be performed, does hereby sell and convey to the said C. D. the following goods and chattels, to wit: (or, if too numerous to be recited, say, all and singular the goods and chattels mentioned in the schedule hereto annexed.)

NOTE (a). The mortgage is a conveyance or sale of goods, to become an absolute interest if not redeemed at a certain time. The execution and registration is a substitute for a delivery of the articles, when they can be specified and identified by a written description.

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