Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-02-21
MORTGAGES AND DEEDS OF Trust

MORTGAGES AND DEEDS OF Trust.
An important law has been passed by the
General Assembly: "To regulate the grant
ing of ipjunctions to stay the sale of real
estate pledged for the payment of loaned
money" 1t is well known that there have
been great objections to lending money on
real estate security in this State because Of
the alleged facility with which an injunc-
ton could De obtained to prevent the sale
of the land. This law will go far to RENE
dy the evil complained Of, and thus make
realty more available as collateral, and
greatly increase its utility In commercial
there are other amendments pending which,
if enacted, will greatly increase the eficien-
cy of this law. These measures are to reg
ulate the rate of interest on appeals to the
Supreme Court, and also to re-enact the
law, which was repealed since the war,
to impose q penalty in the way Of
damages for frivolous appeals. The law
which has just passed was introduced by
Mr.. OVertoD, of Shelby, and enacts:
Section l. Be it enacted, That no Judge
nor Chancellor shall grant an injunction to
stay the sale of real estate conveyed by deed
of trust or mortgage with power of sale
executed TO secure the payment Of loaned
money unless the complainant give twenty
days notice TO the trustee or mortgage of
the time when, place where and of the
l,rE,. 4
plicatiOn for injunction is TO be made, and
10 Judge nor Chancellor shall act upon
said application unless the same is accom-
panied by proof evidenced By return of a
Sheriff or constable or attorney, that said
notice has been served on said trustee or
mortgage, or is not to be found In the
county of his usual place of residence, or
is a nonresident, pr0Uided that in order
that the complainant may have time to give
the required notice, the sale of the property
so conveyed shall be advertised at least
thirty days and the sale shall be postponed
until the Judge or Chancellor acts upon
the application for injunction and makes
his orders in the matter,
Sec. 2. That the party applying for re-
lief in the cases aforesaid shall distinctly
state how, when and to whom the debt or
any part of the debt secured as azores aid
has been paid or any circumstances Of fraud
which vitiate the contract, and after the
reading of the bill in the hearing of the
trustee or mortgage if he choose to appear
before the Judge or Chancellor, the said
trustee or mortgage may have the right
to adjourn proceedings not more than ten
days, during which time he may file his
answer before the same Judge or Chancel
lor, and then said Judge or Chancellor shall
upon said bill and answer hear said cause
at Chambers as upon motion TO dissolve
the Injunction, his decision being
authenticated by written decree, which
decree, together with bill, answer and ex-
hibits shall be inclosed in a sealed
envelope TO the clerk of the court In which
the bill Is fled, said deoee to constitute
part Of the record in the cause in conformity
to the terms of which said clerk may take
bonds from either party, or execute any
other order as adjudged in said decree.
Sec. 3. That this set take effect from and
after its passage, the public welfare requir::
ing it.