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fame, to fue and be fued, and generally with all fuch powers as are necefla¬ ry to be used for the due execution of the truft repofed in the faid loan-officers by this act; any law, ufage or custom to the contrary in any wife notwithlianding.

teiving the bills, to

XI. And be it further enacted by the authority aforefaid, Loan-officers re- That when the faid loan-officers refpectively have qualified let them out on loan. themfelves, as by this act is directed, they fhall receive the faid bills of credit, figned by two of the faid figners; which bills of credit, fo figned, fhall be let out to fuch as fhall apply for the fame, and can and will give fecurity to the faid loan-officers by mortgage on lands, lots or houses lying in the fame county; they the faid loan-officers firft giving public notice (as in other cafes is by this act directed for notices) and by advertisement, to be publifhed in one of the news-papers printed in this state, that on a certain day, at least ten days after the said notice given, they will be ready to receive borrowers, qualified according to the directions of this act: And as on that day borrowers do offer, their names and fums they apply for shall be orderly entered in the minute-book of proceedings; and every one fhall be ferved according to the priority of application, if there be no reasonable objections against the title and value of the lands offered to be mortgaged, or fome other fufficient reafon, which fhall be entered alfo in the minute-book of proceedings. Provided always, That if, upon the first day, fo many borrowers do offer, as to apply for a greater fum than the whole fum in that county to be lent out; then, and in fuch cafe, every fuch borrower shall be abated of the fum applied for proportionably.

cer ain the value of

gage,

XII. And be it further enacted by the authority aforefaid, Loan-officers to af- That the faid loan-officers refpectively, before they accept lands ffered in mort- of any lands, lots or houfes in mortgage for any of the faid bills, shall firft view what is fo offered in mortgage, or make due enquiry refpecting the value thereof, and fhall examine the titles thereto, by peruling the deers, patents, furveys and other writings and conveyances by which the fame are held, and by which the value and quantity may be better known; and the faid loan-officers refpectively are hereby emAnd to adminifter powered and required to adminifler to all perfons applying an oath to borrowers, for any of the bills as aforefaid, the following oath, or (if of the people called Quakers) affirmation; to wit:

am bona fide, feifed in fee fimple, of the lands, tenements and

I hereditaments by

to my own ufe, and the fame were not conveyed to me in truft, to borrow any fum or fums of money upon the fame, for the ufe of any other perfon or perfons whatfoever; and the faid premises are free and clear from any other or former gift, grant, fale, mortgage, judgment, extent, recognizance, or other incumbrance whatfoever, to my knowledge.

Money to be lent at

five per cent. per an

um, for 14 years, af

ter 3d Tueflay in June, 1786.

In fums not exceed

ing 300l. or less than 201.

XIII. And be it further enacted by the authority aforef.id, That the loan-officers of the faid counties refpectively, upon finding borrowers qualified, and the loan-officers being fatisfied as aforefaid, are hereby required, and by virtue of this act have full power to lend out the bills delivered to them as aforefaid, at the intereft of five per cent. ¡er annum, for the term of fourteen years from the third Tuesday in June next to come, in fins not exceeding three hundred,

to be double, and in

lue.

Security in lands and not under twenty pounds (unle's the proportion as houtes treble the va aforefaid be lefs) to any one perfon, the faid loan-officers taking fecurity for the fame by way of mortgage as aforefaid, of at least double the value in lands, tenements and hereditaments, and of at least three times the value in houses within the faid refpective counties, and adminiftring an oath or affirmation to the borrower as aforefaid; and the faid mortgage fhall be executed before two or more witneffes figning thereto, and the fubftance thereof fhall be minuted in a book to be by the faid loan-officers kept for that purpose, in each refpective county; for the making of which mortgage and minute the borrower fhall pay to the faid loan-officers the fum of four fhillings, and no more; which mortgage and minute fhall be, and each of them are hereby declared to be matter of record, and an attefted copy of the faid mortgage, if in being, or of the faid minute, in cafe the faid mortgage is loft, under the hands of the faid loan-officers, and the feal of the loan-office, fhall be good evidence of the faid mortgage, in any court within this flate.

yearly.

XIV. And be it further enabled by the authority aforefaid, Interest payable That the intereft of the money lent out as aforefaid, fhall be payable yearly, on the third Tuefday of June, to the How the principal loan-officers; and the principals of all the monies lent thail be paid. out as aforefaid, fhall be paid in again in the following manner; That is to fay, One tenth part of the principal money on the third Tuefday of June, which will be in the year of our Lord one thousand feven hundred and ninety-one; one other tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thousand feven hundred and ninety-two; one other tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thoufand feven hundred and ninety-three; one other tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thoufand feven hundred and ninety-four; one other tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thousand seven hundred and ninety-five; one other tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thousand feven hundred and ninety-fix; one other tenth part thereof, on the third Tuef day of June, which will be in the year of our Lord one thoufand feven hundred and ninety-feven; one other tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thousand seven hundred and ninety-eight; one other tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thousand feven hundred and ninety-nine; and the remaining tenth part thereof, on the third Tuefday of June, which will be in the year of our Lord one thoufand eight hundred. And the refpective loan-officers, at the lending the money, are hereby required to take the fecurity for the fame accordingly; and the faid loanofficers, for every fum paid to them, fhall give to the perfon paying the fame, a receipt, and fhall enter one minute of the fame payment on the book of the mortgage, and another minute thereof in the books of accounts by them to be kept, and that without any fee or reward; but if the borrower, his heirs, executors or adminiftrators, fhall fe caufe to pay in a fourth or half part, or three quarters, or the whole of the principal due, to the faid loanofficers, on any third Tuesday of June, before the faid third Tuclay of June, one thoufand eight hundred, the faid loan-officers are hereby required and empowered to receive the fame on the Aid third Tuesday of Jund annually,

and no other day of the year, unless fo many do offer payment on that day, that the faid loan-officers cannot within the day receive the whole; and in that cafe, they are to continue to receive until all who on that day offered, have paid the monies fo offered; or unless he brings along with him another fufficient borrower to give new fecurity, to the fatisfaction of the loan-officers, for the whole of the money by him paid in; and in that cafe the loan-officer shall accept thereof on any of their fated days of meeting; and when the whole principal and intereft is paid, the faid loan-officers fhall (if required) give the party paying, a release of the mortgage given by the borrower, and fhall tear off the name and feal, and make an entry in the margin of the mortgage, and in the margin of the minute made thereof that on fuch a day and year, fuch release was made; for which release the releasee fhall pay Monies paid in be. the fum of two fhillings, and no more; and when any parts fore 1800, the loan of the principal are paid in as aforefaid, before the faid third and lend the fame Tuesday of June, one thoufand eight hundred, the loan-officers fhall, at the end of that meeting, compute the whole of Monies remaining the principal fo paid in, and give public notice of the amount be advertised at the thereof, by advertisements fet up, and that they are ready to lend the faid monies to fuch perfons as fhall appear to be qualified according to the directions of this act, to borrow 12th feff.ch. 29. fec.4. the fame; and in the lending and taking fecurity, fhall conform themselves (as near as the circumftances of the cafe can admit) to the directions herein before prescribed; and if any monies fhall remain in their hands for want of borrowers, they fhall fet up advertisements of the amount thereof, and continue to do the like at the end of every of their stated meetings.

officers to advertise,

again.

in the loan-office, to

end of every stated meeting.

† Altered,

XV. And be it further enacted by the authority aforefaid, That in cafe any loan-officer fhall remove out of the county, die, or neglect or refufe to perform the duty required or enjoined him by this act, or fhall behave himself in his office with favour, affection, partiality or malice, whereby the public or any private perfon may be injured; upon report or complaint made thereof, to any two or more of the judges aforefaid, of the county for which he is loan-officer, the faid judges are hereby required and commanded by fummons to convene the judges and fupervisors of the fame county, to meet at fuch time and place as in the faid precept fhall be appointed, to hear and determine fummarily upon the faid report or complaint; and upon fufficient proof made to any one or more of the faid judges, with a major part of the faid fupervisors, of any death, removal, neglect or refufal in the faid office as aforefaid; then, and in that cafe, the faid majority of the fupervifors, with concurrence of one or more of the judges aforefaid, fhall proceed in manner as herein before directed, to elect, and are hereby required and commanded to elect a loan-officer in the room and flead of fuch deceased or abfent perfon, or fuch perfon who fhall have neglected or refused as aforefaid; which loan-officer fo elected as aforefaid, having entered into bond, and been qualified in like manner as other loan-officers are by this act directed, fhall then have all the powers, privileges and advantages, and fhall be fubject to all the penalties and forfeitures which any of the loan-officers of the county as aforefaid, are veiled or charged with, entitled, or fubject to by virtue of this act.

XVI. And be it further enacted by the authority aforefaid, That if any of the loan-officers hereafter to be elected, fhall defire to be discharged of and from the faid office, any one or more of the judges aforefaid fhall and may, pon the application of fuch loan-officer for that purpofe, iffue his or their

precept to fummon the judges aforefaid, and fupervifors, to meet at a day and place in the faid precept mentioned, to whom, when met, the faid loanofficer fhall produce or render an account of his proceedings in his faid office; and if it appear, upon examination, to a majority of the faid judges and fupervisors, that the faid loan-officer hath faithfully demeaned himself in the discharge of his faid office, according to the true intent and meaning of this act; then, and in fuch cafe, fuch loan-officer fhall be discharged of and from his faid office, and another fit perfon fhall be by them elected to fupply his place, who fhall take the fame oath or affirmation, give the like fecurity, be fubject to the like penalties, reftrictions and regulations, and receive the fame falaries and advantages as the other loan-officers for that county, by virtue of this act, are liable, fubject, or entitled unto.

XVII. And be it further enacted by the authority aforefaid, That when a loan-officer fhall be chofen and qualified as herein is directed, in the place of a former loan-officer, fuch former loan-officer, his executors or adminiftrators fhall, upon demand, deliver to the new loan-officer chofen in his place, and qualified as aforefaid, all the monies, books and papers, that were in fuch former loan-officer's cuftody, belonging to his office, upon oath, or if of the people called Quakers, on affirmation, before any juftice of the peace; and in cafe any fuch former loan-officer, or his executors or administrators, fhall delay or refufe to make fuch delivery on oath or affirmation, when demanded as aforefaid, the bond of fuch former loan-officer fhall be forfeited.

XVIII. And be it further enacted by the authority aforesaid, That if any borrower shall neglect to bring in and pay, or caufe to be brought in and paid, yearly and every year, on the third Tuesday in June, or within twenty-two days thereafter, on one of the days which the loan-officers aforefaid are by this act directed to attend the refpective loan-offices, the yearly intereft due by his mortgage, and alfo the part of the principal, as it becomes payable; then, and in either of thefe cafes, the loan-officers to whom fuch mortgage was granted, fhall be feifed of an abfolute, indefeasible estate in the lands, houses, tenements and hereditaments thereby mortgaged to them, their fucceflors and affigns, to the ufes in this act mentioned; and the mortgagor, his or her heirs and affigns, fhall be utterly foreclofed, and barred of all equity of redemption of the mortgaged premifes; any law, ufage or custom, or practice in courts of equity to the contrary notwithstanding.

XIX. And be it further enacted by the authority aforesaid, That the loanofficers fhall respectively attend the loan-office every year, to receive the monies by this act directed to be paid to them upon the third Tuesday of June, and thereafter on the Tuesday in each week, for the term of three weeks.

clofed mortgages to

at vendue, on the third

XX. And be it further enacted by the authority aforefaid, The lands in fore- That the loan-officers fhall within eight days after the last be advertised for tale of the Tuesdays aforefaid, yearly and every year, cause TuesdayinSeptember. advertisements to be fixed at not lefs than three of the most public places, in three or more towns, precincts or diftricts of the county where the premises are fituated, defcribing the quantity and fituation of the lands mentioned in the faid mortgage, and giving notice, that on the third Tuesday in September, in the fame year, they are to be fold at the court-houfe of the refpective counties where the lands lie, by way of public vendue, to the highest bidder.

XXI. And be it further enacted by the authority aforefaid, the lands at vendue, That the loan-officers of the refpective counties aforefaid

Loan-officers to fell

to the highest bidder.

and give conveyances fhall, on the faid third Tuefday of September, yearly, exAltered, pofe the lands in the mortgages foreclosed as aforefaid, to 14th feil. ch. 40. fale at public vendue; and upon fuch fale, fhall convey the faid lands to the highest bidder or bidders; and the purchafer or purchafers fhall and may hold and enjoy the fame lands, for fuch eftate as was conveyed to the faid loan-officers, by the mortgage executed by fuch mortgagor, clearly discharged and freed from all benefit and equity of redemption, and all other incumbrances made and fuffered after the execution of fuch mortgage by the mortgagor, his or her heirs or affigns; and fuch purchaser or purchafers fhall pay the loan-officers for drawing and executing fuch conveyance, the fum of five fhillings.

XXII. And be it further enacted by the authority aforefaid, That the money for which the premises are fold, fhall, upon the fale thereof, be paid to the faid loan-officers; out of which they shall retain in their hands, the amount of the principal then due, together with the interest which would have been due thereon on the third Tuesday of June next thereafter, if fuch fale had not been made; as alfo the expence of the advertisements, and of the fale; fuch expence not exceeding fifteen fhillings; and the remainder (if any be) the loan-officers fhall pay to the mortgagor, his or her heirs or affigns. Provided always, That if any perfon or perions offer at the time of the fale, to borrow (on fufficient fecurity within this act) the whole principal that is to be retained out of the price, and lent out again, then, and in that cafe, the loan-officers fhall not retain intereft beyond the day of fale. Provided alfo, That if the purchafer incline to borrow the principal fum or fums that is or are to be paid by him, and lent out again, and if the loan-officers be fatisfied with the fecurity to be given by fuch purchafer, in manner aforefaid; fuch purchafer fhall be preferred to any other borrower. Provided likewise, That the loan-officers fhall not be obliged to take notice of any afligns of the mortgagor, unless they enter a notice of their right with the faid loanofficers, at or before the time of fale; which notice the loan-officers shall enter on the mortgage and minute thereof, on demand; the alignce paying one fhilling for the fame; and affignees fhall be preferred according to the priority of their entries of fuch notices.

XXIII. And be it further enacted by the authority aforefaid, That after any lands, houfes, tenements or hereditaments are mortgaged, according to the directions of this at, if it fhall appear to the loan-officers, upon good and fufficient grounds (which they fhall infert in the minute-book of their proceedings) that the mortgagor had no good right or title to the premises mortgaged, or has otherwife broken the covenant of his mortgage, fo that the public may be in danger of lofing the monies, or any part thereof, advanced in loan upon the credit of the premises, it fhall and may be lawful to and for the faid loan-officers, and they are hereby empowered and required to commence an action or actions of debt or covenant upon the faid mortgage, against the faid mortgagor, his or her heirs, executors or adminiftrators, and the fame to profecute to judgment, by all lawful ways and means whatfoever, in any court of record, for the recovery of the whole monies lent upon the mortgage, and the intereft become due, and that fhall become due, until the third Tuefday of June next following the judgment, with coils and charges; in which action or actions the mortgagor fhall be held to special bail; and the court in which fuch action is brought, is, and the judges thereof in vacation, are hereby authorised and directed to give fuch fhort day for the rules of pleading thereon, that judgment or a trial and final determination

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