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precept to Summon the judges aforesaid, and supervisors, to meet at a day and place in the said precept mentioned, to whom, when met, the said loanofficer shall produce or render an account of his proceedings in his laid office; and if it appear, upon examination, to a majority of the said judges and fupervisors, that the said 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 such case, such loan-officer shall be discharged of and from his faid office, and another fir person shall be by them elected to fupply his place, who shall take the fame oath or affirmation, give the like fecurity, be subject to the like penalties, reftrictions and regulations, and receive the same salaries and advantages as the other loan-officers for that county, by virtue of this act, are liable, subject, or entitled unto.
XVII. And be it further enacted by the authority aforesaid, That when a loan-officer shall be chosen and qualified as herein is directed, in the place of a former loan-officer, such former loan-officer, his executors or administrators shall, upon demand, deliver to the new loan-officer chosen in his place, and qualified as aforesaid, all the monies, books and papers, that were in such former loan-officer's custody, belonging to his office, upon oath, or if of the people called Quakers, on affirmation, before any justice of the peace; and in case any such former loan-officer, or his executors or administrators, shall delay or refuse to make such delivery on oath or affirmation, when demanded as aforesaid, the bond of such foriner loan-officer shall be forfeited.
XVIII. And be it further enacted by the authority aforesaid, That if any borrower shall neglect to bring in and pay, or cause 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 aforesaid are by this act directed to attend the respective loan-offices, the yearly interelt due by his mortgage, and also the part of the principal, as it becomes payable ; then, and in either of these cases, the loan-officers to whom such mortgage was granted, shall be feifed of an absolute, indeksible cftate in the lands, houles, tenements and hereditaments thereby mortgaged to them, their succellors and alligns, to the uses in this act mentioned; and the mortgagor, his or litr heirs and alligns, shall be utterly foreclosed, and barred of all equity of redemption of the mortgaged premnifes; any law, usage or custom, or practice in courts of equity to the contrary notwithstanding.
XIX. And be it further enoled by the authority afurefrid', That the loanofficers shall respectively attend the loan-office every year, to receive the monies by thris 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.
XX. And be it further enacted by the authority aforefuid, The lands in fore. That the loan-officers shall within eight days after the last be advertiked for tale of the Tuesdays aforesaid, yearly and every year, cause Tuesdayinse pieiiber. advertisements to be fixed at not less than three of the moit
public places, in three or more towns, precincts or cilriets of the county where the premises are situated, describing the quantity and fituation of the lands mentioned in the said mortgage, and giving notice, that on the third Tuesday in September, in the same year, they are to be sold at the court-house of the reipective counties where the lands lie, by way of public vendue, to the highest bidder.
XXI. And be it further cracked by the authority aforesaid, Loan-officers to tell the lands at vendue, That the loan-officers of the respective countes áforefaió
and give conveyances Mall, on the said third Tuesday of September, yearly, exCu tl ve highest bidder.
poíe the lands in the mortgages foreclosed as aforesaid, to 14th fell. ch. 40.
fale at public vendue; and upon fuch fale, shall convey the faid lands to the highest bidder or bidders; and the purchaser or purchasers Thall and may hold and enjoy the same lands, for such ettare as was conveyed to the said loan-officers, by the mortgage execured by such mortgagor, clearly discharged and freed from all benefit and equity of redemption, and all other incumbrances made and suffered after the execution of such mortgage by the inortgagor, his or her heirs or alligns; and such purchaser or purchasers shall pay the loan-officers for drawing and executing such conveyance, the sum of five shillings.
XXII. And b: il further enacted by the authority aforefuid, That the money for which the premises are sold, shall, upon the fale thereof, be paid to the faid loan-officers; out of which they Mall 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 thereafier, if such fale had not been made; as also the expence of the advertisements, and of the sale ; fuch expence not exceeding fitieen shillings; and the remainder (if any be) the loan-officers fall pay to the mortgagor, his or her heirs or alligns. Provided always, That if any person or perions ofier at the time of the fale, to borrow (on sufficient fecurity within this act) the whole principal that is to be retained out of the price, and lent out again, then, and in that case, the loan-officers shall not retain interest beyond the day of sale. Provided also, That if the purchaser incline to borrow the principal sum or sums that is or are to be paid by him, and lent out again, and if the loan-officers be satisfied with the security to be given by luch purchaser, in manner aforesaid; such purchaser shall be preferred to any other borrower. Provided likewise, That the loan-officers shall not be obliged to take notice of any alligns of the mortgagor, unless they enter a notice of their right with the said loanofficers, at or before the time of file ; which notice the loan-officers shail enter on the mortgage and minute thereof, on demand; the a:lignce paying one Chilling for the fame; and alignees shall be proferred according to the priority of their entries of such notices.
XXIII. And be il further ended by the authority aforesaid, That after any lands, houses, tenements or hereditaments are mortgaged, according to the directions of this ct, if it shall appear to the loan-officers, upon good and fufficient grounds (which they shall insert in the minute-book of their proceedings) that the mortgagor had no good right or title to the prenlifes mortgaged, or las otherwise broken the covenant of his mortgage, fo that the public may be in danger of losing the monies, or any part thereof, advanced in loan upon the credit of the premises, it shall and may be lawful to and for the said 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 said mortgagor, his or her hers, executors or adıninistrators, and the same to proiecure to judgment, by all lawful ways and means whatso. ever, in any court of record, for the recovery of the whole monies lent upon the inortgage, and the interest become due, and that shall become due, until the third Tuesday of June next following the judgment, with costs and charges; in which action or actions the mortgagor shall be held to special bail ; and the court in which such action is brought, is, and the judges thereof in Vacation, are hereby authorised and directed to give such short day for the rules of pleading thereon, that judgment or a trial and final determination
may be had the first court after the court at which the defendant fift appear, ed to the same action.
(The 24th clause of this act is repealed, nid feff. ch. 20. fec. 5.]
XXV. And be it enacted by the authority aforefuid, That Where the loan. the respective loan-offices in this state, shall be kept at the officesare to be kept.
court-house of each respective county, or at some other convenient place near the same, except that the loan-officers for the county of Orange Thall meet alterately at Goshen, and at the New-City, in the said county, and their first meeting to be at the court-house in Goshen; and the said loan-officers shall, so soon as the said bills are signed and delivered to them, set up advertisements of the first day of their attending the loan-office for the purposes herein before mentioned, and shall duly attend the fame on that first day, and on every Tuesday and Wednesday in each week, for the space of four weeks thereafter, if there be occasion of their fitting so long; and the faid treasurer, so soon as he can fix the day upon which he can deliver the faid bills to the loan-officers, shall send notice by letter to them to come and receive the bills at that day.
XXVI. And be it further enabled by t/c authority aforesaid, Loan officers to re: That the loan-officers respectively shall retain in their hands, of the interest, and so much of the interest monies paid in to them as will pay pay the remainder annually to the trea.
them their respective salaries appointed by this act; any furer, by the halt thing in this ad to the contrary notwithstanding; and the Tuesday in Augalt.
remainder of the said interest monies shall be annually paid to the treasurer of this state, on or before the last Tuesday of the month of August; and the said treasurer's receipt shall be to the faid loan-officers, and every of them, their heirs, executors and administrators, a fufficient discharge.
XXVII. And be il further engacu ly the authority afircfaid, That the yearly salary of the loan-officers aforesaid, for the services required of thein by this act, Thall be as follows; to wit : For every of the loan-officers of the county of New York, forty pounds, For every of the loan-officers of the county of Albany, thirty pounds. For every of the loan-officers of King's county,
ten pounds. For every of the loan-officers of Queen's county, fixteen pounds. For every of the loan-officers of Suffolk county, fifteen pounds. For every of the loan-officers of Richmond county, ten pounds. For every of the loan-officers of Westchester county, fifteen pounds. For every of the loan-officers of Dutchess county, twenty pounds. For every of the loan-officers of Orange county,
fifteen pounds. For every of the loan-officers of Ulster county, eighteen pounds. For every of the loan-officers of Montgomery county
lixteen pounds. For every of the loan-officers of Walhington county, ten pounds.
XXVII. And be il further enalled by the authority aforesaid, That the supervisors and judges aforesaid of the several counties of this state, shall, on the firn Tuesday in October, which will be in the year of our Lord one thousand seven hundred and eighty-seven, and yearly thereafter, on the first Tuesday in October, meet togeiher with the said loan-officers at the courthouse of the county; and the majority of the supervisors, with one or more of the judges aforesaid, shall carefully inspect and examine the mortgages, minutes and accounts of the loan-officers; and if it be found that any loan. officer or loan-officers has or have refused or neglected to perform the duties
enjoined upon him or them by this act, the faid judges and supervisors Thall elect a loan-officer or loan-officers, in the stead of such who sail fo have res fused or neglected as aforesaid; and if any deficiency has happened by borrowers not having right to the lands merigiged, or by the selling thereof for a less price than what is before mentioned, or otherwise ; then the said super vilors, or a majority of them, with the concurrence of one or more of the said judges, shall cause all such deficiencies to be affefTed and levied in the county as other county charges, so that the whole of such deficiencies be paid to the faid loan-officers, by the third Tuesday of June then next following.
XXIX. And he il further cnafcd by the authority aforesaid, That in case one or more of the said judges, and a majority of the supervisors aforesaid, shall not meet on the fecond Tuesday in May next; or in case they fall not meet yearly on the first Tuesday in October ; or in case they shall not meet when summoned by a precept of one or more of the faid judges, for the several purposes in this act mentioned; every of them, in either of these cases, that are abfent (unless detained by sickne's) thall forfeit the sum of two pounds; and the judge or judges then attending, shall issue his or their precept to one or more contables, to summon the judges and supervisors to atiend on that day week, for the purposes aforesaid, under double the penalty aforesaid, which each neglecting thien to attend, if duly suinmoned, shall also forfeit, although a sufficient number do appear ; and in case a fufficient number do not then appcar, the judge or judges appearing ihall proceed in the like manner, from week to week, until a full number of supervifors do appear to perforin the duty for which they before ought to have met: · And in calė the said fupervisors, or either of them, when a majority of them are inet, Niall neglect or refuse to do the duty enjoined on him or them by this aét, when.met; or (hal, on any pretence whatsoever, on the day of their annual meeting, neglect or omit the causing to be allered, levied, and raised, the whole deficiencies that have happened by any of the means aferefaid, every of them neglecting their duty herein, Ihall forfeit to the people of this state, the sum of five pounds : All which penalties before in This clau e mentioned, are to be recovered before any one of the justices of the peace within the county where such forfeiture all arise ; one half to the use of such judge or judges, and supervisors of the same county, endeavouring to perform their duty herein, who will sue and inform against the others, and profecute their suit to effect; and the other half to the treasurer of the state, and be applied towards cancelling the bills of credit, in fuch manner as Mall be directed by act or acts of the legislature.
XXX. And be ir further enaded by ihe au h rily aforesaid, That all and every the sums of money which may at any time arierward's be recovered by the loan-officers aforesaid, of such persons as have been the occasion of such deficiencies as a forelaid, hall be applied to the use of such county; And the judge or ju iges and supervisors are hereby empowered to take all
and means, in the name of the said loan-officers, to recover the fame.
XXXI. Ardle il finer ented by the at:thuijarrfiid, Laureoffices and That it shall and may be lawful for the faid loan-officers to upon tecurity of plate, ar 66. por ounce. let out upon loan, any of the faid bills of credit, in such manner as they mall think best, upon security of good plate, to be delivered to them at fix thillings per ounce, to be paid to the said loan-officers on the third Tuesday in June, annually, then next, with a year's interest at five per
cent. for the fame ; and in case of non-payment at any of the three stated days of meeting of the loan-officers, then the said loan-officers are to tell the fame plate in such manner, and upon the fame day as they are directed to feil the lands of the mortgagors forfeited as afurelaid; and they are to rewn thie overplus, if any be, to the owner, after payment of the principaland charges, with interest past and to come, until the third Tuesday of June then next, unless a borrower offers at the time of fale, as in case of lands dierein before mentioned; any thing in this act to the contrary notwithstanding.
XXXII. And be it further cikütd by the auth-s ity djoiejuid. Bills remaining four That if any monies shall remain in the hands of the loan-ofthe loan-cficers, inay ficers, for want of borrowers, four weeks after thie frii day be lent in lions above
appointed for letting it out, it shall be lawful for them to let
out the fame on good security, by mortgage of lands in the county, or on plate, as a foresaid, to any person who will borrow the fame, in any fums, though they be upwards of three hundred pounds.
XXXIII. And be il further enaĉicd by the authority aforcjuid, That if any of the bills of credit shall remain four weeks over and above the four weeks aforesaid ; that is to say, in all eight weeks, in the liands of the loan-officers for want of borrowers, after the first day appointed for leuing oui as aforesaid, then, and in that case, the faid loan-officers, or one of them, by confent of the other, to be entered and signed in the minute-book of proceedings, shall carry it to the loan-officers of the next county or counties, where there were more monies demanded in loan than there were monies to lend, and deliver it to the loan-officers of such next county or counties, upon their receipts for the same, and their entering a memorandum of it in the minutes of their proceedings; which loan-officers to whom such sum is brought, fhall accept thereof, and shall set up advertisements thereof, and therein aliign a day in the next week for borrowers to offer, and shall proceed in the lending such further fum in their county, as nearly as circumstances will admit, in the like manner as they proceeded in lending the first fum ; of which transposition of those monies, the loan-officers of the several counties shal give notice in writing, signed by them, to the treafurer, at the time of their paying to him the first intereft monies thereafter; of which notices to him he Thall enter memorandums in his book of accounts, the better to ascertain the interest he is to receive yearly from the respective counties, and the principal lams that tlie counties are finally to cancel.
XXXIV. And to prevent frauds that may happen by execittors, in their non-payment of any part of the money borrowed as aforesaid; by their respective teflators; Be it further criated by the authority oforesaid, That if
Where executers any person or persons who shall becoine a borrower or agr-money out of the borrowers of the bills issued by virtue of this act, shall afterpersonal eftate, wards make his, her or their last will and testament, in due form of law, thereby devising the premises to mortgaged, to any other person or persons, leaving personal estate sufficient to pay his or her debts, with an overplus not otherwise in the faid will disposed of, and not expressly providing in other manner by the faid will, in such case it all be understood, ihar the devifor intended that the mortgage-money in arrear at the time of his death, should be paid out of his personal estate, and his executor or exccutors fall accordingly be compelled to pay the fame thereout, in aid of fach der vilee or devisees: But in cale vie said last will was made before tlie įreinile's were morigaged, then it shall be understood that the teftator's in Was (unie's otherwise expressed in such will) that the device or devices lould
Thall my the mort.