through, or by a certain indenture or mortgage deed, bearing date the A.D. 186 and recorded in the recorder's ' in book of day of office of county page to the premises therein described, and which said deed was made to secure a certain promissory note (or bond) bearing even date with said deed, for the sum of dollars and WITNESS my hand and seal, this A.D. 186 cents. day of (Signature.) (Seal.) I, certify that in and for said county in the State aforesaid, do hereby who is personally known to me as the same person whose name is subscribed to the foregoing deed, appeared before me this day in person, and acknowledged that he signed, sealed, and delivered the said instrument of writing as his free and voluntary act, for the uses and purposes therein set forth. Given under my hand and seal, this (65.) DISCHARGE OF MORTGAGE, AS USED IN THE MIDDLE STATES. I (name, residence, and occupation of mortgagee), do hereby certify that a certain indenture (or deed) of mortgage, bearing date the day one thousand eight hundred and made and executed of by (here state the name of the mortgagor, and describe the deed briefly), and recorded in the office of is paid. And I do hereby consent that the same be discharged of record. On the hundred and to me to be the individual described in, and who executed, the foregoing instrument, and acknowledged that he executed the same as his free act day of and deed. (Signature.) (66.) DISCHARGE AND SATISFACTION OF MORTGAGE BY A CORPORATION. WE (the legal name of the corporation), a corporate body existing within and under the laws of the State of DO HEREBY CERTIFY, That a certain mortgage, bearing date the day of in the year one thousand eight hundred and made and executed by (here state the name of the mortgagor, and describe the mortgage briefly), and recorded in the office of the register in and for the gages, page county of on the in lib. of mort day of in the year IN WITNESS WHEREOF, The said corporation has caused its corporate seal to be hereunto affixed, this one thousand eight hundred and Witnessed by STATE OF SS. COUNTY OF On the hundred and day of in the year one thousand eight before me personally came to me known, who, being by me duly sworn, did depose and say, that he resided in the city (or town) of that he is the attorney and president (or other officer) of the said corporation; that he knew the corporate seal of the said corporation, and that the seal affixed to the foregoing instrument was such corporate seal; that it was affixed by him by order of the said corporation, and that he signed his name thereto by the like order. (67.) (Signature.) RELEASE OF A PART OF THE MORTGAGED PREMISES. THIS INDENTURE, Made the day of in the year between (name, of our Lord one thousand eight hundred and residence, and occupation of the mortgagee and releasor), party of the first part, and (nume, residence, and occupation of the mortgagor to whom the release is given), party of the second part: day of WHEREAS, The said party of the second part, by indenture of mortgage, bearing date the one thousand eight hundred and for the consideration therein mentioned, and to secure the payment of the money therein specified, did convey certain lands and tenements, of which the lands hereinafter described are part, unto the said party of the first part, AND WHEREAS, The said party of the first part, at the request of the said party of the second part, has agreed to give up and surrender the lands hereinafter described unto the said party of the second part, and to hold and retain the residue of the mortgaged lands as security for the money remaining due on the said mortgage: Now this indenture witnesseth, that the said party of the first part, in pursuance of the said agreement, and in consideration of to him duly paid at the time of the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, released, quitclaimed, and set over, and by these presents does grant, release, quitclaim, and set over, unto the said party of the second part, all that part of the said mortgaged land (here describe carefully and accurately all that part of the mortgaged land which it is intended to release, distinguishing it from that which is retained). TOGETHER with the hereditaments and appurtenances thereto belonging, and all the right, title, and interest of the said party of the first part, of, in, and to the same, to the intent that the lands hereby conveyed may be discharged from the said mortgage, and that the rest of the lands in the said mortgage specified may remain to the said party of the first part as heretofore. To have and to hold the lands and premises hereby released and conveyed to the said party of the second part, and his heirs and assigns, to his and their only proper use, benefit, and behoof, for ever, free, clear, and discharged of and from all lien and claim under and by virtue of the indenture of mortgage aforesaid. IN WITNESS WHEREOF, The said party of the first part has hereunto set his hand and seal, on the day of in the year On the hundred and day of known to me to be the individual described in, and who executed, the foregoing instrument, and acknowledged that he executed the same as his free act and deed. by and between (name, residence, and occupation of the mortgagee), the owner and holder of a certain promissory note (or bond) for the principal sum of dollars, given by (name of mortgagor), and secured by a mortgage of certain real estate in and State of recorded in in the county of dated day A.D. 18 and registry of deeds, for the county of lib. fol. party of the first part, and the said (name of mortgagor), party of the second part, WITNESSETH, That the said parties, for themselves and their representatives, hereby mutually agree that the time for the payment of the principal of said note and mortgage debt shall be and the same is hereby extended for the term of A. D. 18 at the rate of day of years from the day of and that the same is to bear interest from said date, per cent per annum, payable on the day of and the said principal sum shall be fully paid. in every year, until And the said party of the second part hereby covenants and agrees that he will not require the holders of said note and mortgage to receive payment of said mortgage debt during said extended term; that he will punctually pay the interest now due, and to grow due thereon, at the times and at the rate aforesaid; that he will keep the mortgaged premises in good repair, and insured against fire, and the taxes thereon duly paid, according to the provisions of said mortgage, and that at the expiration of said extended term he will pay the said mortgage debt, with all interest then due thereon. It is expressly understood and agreed that nothing herein contained shall be construed to impair the security of said party of the first part, or his executors, administrators, or assigns, under said mortgage, or to affect or impair the lien on the real estate therein described, which he has by virtue of said mortgage, nor affect or impair any rights or powers which he may have under the said note and mortgage, for the recovery of the mortgage debt, with interest, in case of non-fulfilment of this agreement, or of any of the provisions hereof, by said party of the second part. IN WITNESS WHEREOF, The said parties have hereunto set their hands and seals, the day and year first above written. (Signature of mortgagee.) (Seal.) (Seal.) Signed, sealed, and delivered in presence of COMMONWEALTH (or State) OF sonally appeared the above-named (Signature.) above instrument to be his (or their) free act and deed. Before me, CHAPTER VI. PURCHASE AND SALE OF GOODS AND CHATTELS. SECTION I. WHAT CONSTITUTES A SALE. It is important to distinguish carefully between a sale and an agreement for a future sale. This distinction is sometimes overlooked; and hence the phrase "an executory contract of sale," that is, a contract of sale which is to be executed hereafter, has come into use; but it is not quite accurate to speak of this as if it were a sale. Every actual sale is an executed contract, although payment or delivery may remain to be made. There may be an executory contract for a sale, or a bargain that a future sale shall be made; but such a bargain is not a present sale, nor does it confer upon either party the rights or the obligations which grow out of the contract of sale. A sale of goods is the exchange thereof for money. More precisely, it is the transfer of the property in goods from a seller to a buyer, for a price paid, or to be paid, in money. It differs from an exchange, in law; for that is the transfer of chattels for other chattels; while a sale is the transfer of chattels for money, which is the representative of all value. Here we must pause to speak of the legal meaning of the word "property." It is seldom or never used in the law, as it is in common conversation, to mean the things themselves which are bought, or sold, or owned. Because in law it means the ownership of the things, and not the things themselves. If a bargain transfers the property in (which means the ownership of) the thing to another person for a price, it is a sale; and if it does not transfer the property, it is not a sale; and, on the other hand, if it be not a sale, it does not transfer the property. As soon as a thing is sold, the buyer owns it, wherever it may be. And to constitute a sale at common law, all that is necessary is the agreement of the buyer and the seller that the property in (or ownership of) the subject-matter shall then pass from the seller to the buyer for a fixed price. |