Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1861-05-29
THE RAFTsNAN's JOURNAL.
THE STAY LAW.

This law, as heretofore published bY num-
bel of papers, contained many inaccuracies.
Below we print it in full, revised and corrected:
AN ACT relating to judgments and executions.
SEo :. Be enacted, &C., That upon all
judgments now remaining unsatisfed, or which
NAV be obtained within six months from the
passage of this act or upon which sale of
real estate has not yet been confirmed, there
shall be stay of execution for one year from
the passage hereof as regards judgments now
existing and from their date as regards judg-
ments obtained within six months after the
date hereof. Provided, that the defendant is
possessed of real estate within the respective
county or counties in which such judgment
shall have been obtained, or in any other
county within this Commonwealth, to which
the said judgment shall have been transfer
red, subject to be sold for the payment of such
Judgment, worth in the opinion ofa any court
or any Judge in vacation, justice, alderman
having jurisdiction of such Judgment at fair
valuation, sum sufficient to pay or satisfy
the same, over and above other membranes,
and the amount exempted from levy and sale
on execution, or said defendant shall give
curity for the payment of the same, to be ap-
proved by the court, or a judge thereof in va
cation or the Justice or alderman before whom
the same was obtained or may be depending,
within sixty days from the date of the judg-
ment from the passage of this act, which
security shall consist OF one or more persons,
who shall satisfy the court, judge, or justice,
by oath or affirmation, and such other evidence
as may be required, that they are the bona fide
owners OF real or personal estate within the
county where such judgment has been enter
ed, worth at a fair valuation double the amount
of such judgment, over and above all other
debts and incumUranceS, to which security
the plaintiffs may file exceptions as now pro-
vded by law. And that in all actions now
pending, or instituted within twelve months
after the passage of this act, in any OF the
courts Of this Commonwealth, on notes, bills,
bonds, or other instruments, for the payment
of money, or for the recovery OF book debts
wherein the defendant or defendants at any
stage of the proceedings, before actual sale
by the sheriff, shall have filed an affidavit set
ting forth that the majority of his their
creditors, whose demands exceed two-tbirds
of his or their entire Indebtedness, have "a
greed in writing to extend the time of pay
ment of the debts due them respectively. the
court shall direct the prothonotary to report
the terms Of the said extension, upon evidence
submitted to him by the defendant or defend
ants, and thereupon the court shall enter an
order in the cause, that no execution shall is
sue, except at the periods when, and in the
proportions which it shall appear by the
port OF the prothonotary that majority of
the creditors of the defendant or defendants,
whose demands exceed two-thirds Of his or
their entire Indebtedness, have agreed,
aforesaid to extend the time of payment of
the debts due them respectively, and no per-
son or firm, bank or broker, holding colater-
ais as security for debts due or to become due,
shall within one year from the taking effect
of this Act sell at public or private sale any
such colaterals, whether the same consist of
mortgage, bond, note, or other security, COM
mercial or otherwise, and any party selling
such collateral securities within such time
shall become responsible for the same at doub-
lie the amount for which it was pledged to the
owner of such collateral. find provided fur
ther, That the provisions of this Act shall ex-
tend to judgments entered or to be entered,
as we'll upon bond and warrant of attorney MS
upon mortgages to secure the same, and to
any subsequent grantee or owner of the prem
Uses so bound, as well as to the original OBJ
Igor or mortgager. and also to all judgments
or debts upon which stay OF execution has
been or may be waived by the debtor in any
original obligation or contract upon which
such Judgment has been or may hereafter be
obtained, or by any stipulation entered into
at any time separate from said obligation or
contract. find prorided, That nothing in this
act contained shall be construed to stay any
execution that may be issued after the expi-
ration of sixty days from the passage of this
act for the purpose of collecting interest due,
or to become due, upon any judgment for any
but no such execution shall be issued for less
than six months arrearageS OF interest. Pro-
rided, That this Act shall not apply to
stay the collection of interest Judgment
entered for the security of the payment of
money to widows, orphans, or minors. find
prouided, further, That this Act shall not ap-
ply to any Judgment obtained for the wages
of labor, or to debts contracted after the pas
sage of this Act, hut shall apply to all corpo-
rations, whether defendants or holders of col
laterals.
SEC. 2. That in all cases in which defend
ant shall be entitled to a stay of execution un-
der the provisions of this act, and shall neg
lect or refuse to claim the benefit thereof, any
MORTGAGE of the premises levied upon, or
other lien creditor, whose estate or interest
therein would be affected by sale of the said
premises, shall have the like right with the
defendant to claim such stay of execution.
SEC. 3. That upon all judgments heretofore
entered, or which may hereafter be entered.
upon conditional verdicts, stipulations or war
rants of attorney, in actions of ejectment, a
like stay of execution shall be had, upon the
same terms and conditions provided in the
first section Of this act.
be construed to apply to all judgments on
which a sale by judicial process has not been
actually made. ELISHA W. DAVIS,
Speaker of the House of Representative.
LOUIS w. HALL, Speaker Of the Senate.
Approved the twenty first day of May Ammo
Domini one thousand eight hundred and sixty
one. A. @. CURTIN.