Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1864-05-06
PUBLIC LAWS OF THE STATE OF MAINE.

provided said application shall be made least six
months before the preceding mortgage will be absolutely
focclosed The persons Interested as aforesaid present
at such meeting, may organize the by the choice of
VIII measures If shall be taken for the Amcnt or
redemption OF the preceding mortsase and if persons
holding majority OF the interest there represented
shall that 1t is eXpedent to pay redeem the pre-
ceding mott it shall be the privilege of each and
every bondhoder other person Holding claims secured
by such subsequent mortgage t. contribute his proper
ton the payment thereof, and if any such bondholder
other person shall, alter due notice to he given as
hereinafter stated tail to pay his proportion according to
seer }. Whenever, any meeting held in pursuance
of the provisions of this act 1t shall have been voted
Is cxpcdien to pay redeem prior mortgage
aforesaid the trustees under the subsequent mortgage
such vote give public notice thereof which notice shall
be published at least three weeks ccessively in the
paper aud such other newspapers the trustees
think proper If the time before the day of orecto
sure will reasonably permit and shail therein call upon
all and other persons holding claims secured
by such subsequent mortgage to pay their several pro-
portions OF the sum to be Pad Tor the rtaempGm OF tne
place and person whom their several proportions shall
be paid ethcr with the rate per cent which hun
dred dollars claims will be ohlis
ed to pay near conveniently may he. And II any
person so Interested shall fail pay his proportion by
the fixed in said notice. then any such deficiency
arising from such failure ma, he paid hy any other per-
persons holding bonds claims secured as aore
said; and the persons paying deficiency rs aore-
said shall succeed all the rights which the person
failing IL pay "a aforesaid would have had II seasonahe
paymcu had been made by him, subject however to the
further right of redemption as hereinafter provided
SECT 1, II no such meeting shall be seasonahly called
by the trustees of such subsequent mortgage rs is poyid
cd meeting, duly called, the
bondhoders other persons holding claims secured by
such shall fail To vote that it is expedicnt to
pay redeem the prior mortgage, 1t shall hc lawful aud
competent for OF the bondholdeIS or
other secured by such subsequent mortgage to
pay the holding such mort much
money shall be necessary To redeem the said prior
aud shall be the duty OF such trustees upon
seasonabe payment to them aforesaid, 10 pay
deem such prior rtgage therewithi aud upon the
dempton thereof the persons the money shall
stand in the position and be vested with all the
equitable rights which the other bondhodeTs or other
persons secured by such subsequent mortgage would have
been entitled to ii they had paid in due their
portions thereof and the trustees of the subsequent
mortgage shall hold the real aud personal property
redeemed in trust for the benefit OF the persons paying
furnishing the redemption money Aforesaid subject,
however the provision for further right OF re-
dcmpton which is provided in the following section for
persons falling to pas their proportions after notice rs Is
therein required.
SECT. D Whenever any prior mortgage shall have
been paid redeemed in pursuance OF this act and IL
shall appear To the trustees making such patment that
any the hondhulders other persons holding claims
secured by the subsequent mortgage which they repre-
have failed to pay their proportion Of the sum paid
to redeem the prior mortgage 1t shall hc the duty OF
such give public notice that all persons who
have failed pay their proportion aforesaid, may
deem their several proportions by payment 10 said trus
their gent OF the paid or advanced IN
behalf with interest the rate Of twelve per cent
per thereon, ut any time within one year from