Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-12-04


sona property.
1t Ia hereby enacted, ETC.:
SEC |. All personal property not exempt
from attachment or levy Of execution under
the laws of this state, hall he subject to mort
gage agreeably to the p, DIVISIONS Of thi. act.
SEC Possession OF the mortgagcd proper
tv must be delivered to, and retained by the
mortgagee or the mortgage, must be recorded
In the office of the clerk of the town in which
the mortgagor resides at The time of his max
ing the same or If he resides out o this sta,c,
IN the town In which the property IA situated,
and no property upon which such security IS
made, shall be removed from this state, except
by consent Of the mOrtgAgor.
sEc. 3. Each mortgagor and mortgage shall
make and subscribe an affidavit IN substance as
follow: ''Wu -evcraly swear that the lorego-
ing mortgage Is made for the purpose of secur-
ing the debt specified in the conditlons thereof,
AMI for no other purpose whatever. aud that the
same Is a just debt. honestly due. and owing
from the mOitgagor to the murtgagce." Witch
AFFIDAVIT. with the ceriiic tie of the oath signed
by the authority administering the same shall
be made upon. or appended to such mortgage,
and recorded herewith.
SIC. When n corporation Is a party to
such mortgage. the aflllavit required may be
mate and subscribed b, any director. cashier,
or treasurer thereof, or by any pers n author
ized on the part such corporation to make OF
receive such mortgage.
5 Z o. II such mortgage is given to indem-
Nifty the mortgage aga nst any liability AS
sumed or to secure the fulnlmeut of any agree
ment other than the payment of ,cbt due
from the mortgagor to the m rtgngec. such la
bllity or agreement shall be sta ed truly and
specifically IN the condition of the mortgage,
aud the affidavit shall be so far varied as to
verify the validity, truth and justice OF such
liability or agreement.
sac g. An wlliul falsebood committed In
any such AFFIDAVIT, shalt be deemed perjury and
punished accordingly.
SIC. I. No such mortgage shall be valid
against any person except the mortgagor. his
executors aud administrators, unless possession
oil property ~ delivered to the mortgage, or
the mortgage Is sworn to and recorded IN the
manner herein prescribed.
stC =. NO mortgagor of personal property
shall sell or pledge any such property by INN
mortgaged without the consent OF the mort
gagee IN writing upon the back of the mortgage
aud on the margtu of the record thereof, III the
oflice where such mortgage Is recorded.
SIC. 9. No mortgagvr shall execute any
second subsequent mortgage Of personal
property while the same ~ subject to a pre-
| vlouslv existing mortgage or mortgages given
by such mortgrgor unless the fact Oi the exist
ence of aucn previous moitgage or mortgages
are set forth in the subsequent mortgage.
SIC 10. lfany morigagor shall be guilty OF
| any ofren-e against either of the two sections
| preceding. he shall be punished by fine equal
| To double the value Of the property so wrong
| fully sold. pledged. or mnrlgaRed, one half TO
| the use of the party injured, aud the other half
| to the use of the town where the mortgage Is
| recor ded.
SIC II. Prosecutions under sections eight
and nine of this chapter NAV be commenced
upon complaint of any town grand juror or
states attorney In he county before any justice
OF the peace, who shall have iull jurisdiction Of
| all ofrenses mentioned In this cnapter.
| SIC. IL. Every town clerk shall procure at
the expense OF the town and Keep took OF
records for personal mortgages, he shall record
therein any mort gage, tran-fef or discharge, or
| give u certified copy thereof when requested.
| on payment Of his fees therefor at the rate Of
| ten cents per folio: shall certify the time when
| the same is received aud recorded. and keep an
| alphabetical index of morlgagors ana mort
gngecs, which record and index shall be open
| to public Inspection
| SIC IL. " hen the condition OF any mort
| gage of personal property has been brUk, the
| lnortgagor or any person holding unirr ! I'M or
person holding n subsequent mortgage may re-
deem the same by paying or tendefiDg to the
mortgage the amount due on such mortgage
with ali Reasonable cost AID expenses incur
| red by reason Of such breach of condition at
any time before n sale thereof, or foreclosure
| and time OF redemption expTeu, AS hereinafter
| provided.
SIC Il. The mortgage may at any time after
| thirt, DAYS from the time of condition broken,
cause the mort gagged proper v. or any part there
| of to be sold at public auction by some pubic
oidccr at some public place IN the town where
| the mortgag resides, or where -uid properly
| is situate. notice oi the time. place and purpo.e
Of such sale being posted at two or more public
| places such town at least ten days PRIOR
| thereto.
SEC. Is. The mortgage shall notify the
| mortgagor or person holding under HIM, aud
persons holding subsequent mortgages, of the
time aud place of sale, either by notice in writ
| ing delivered to HIM, or LETT a his abode II
within the town. or sent by mail II he dos not
reside IN such town, at lenst ten days previous
| to the sale.
SIC. 10 The proceeds OF such sale shall be
applied to the payment of the 'iemand secured
By such mort gigc, and the costs and expenses
of keeping an,i sale. and the residue. If any,
shall be pad 10 persons holding subsequent
M rtgages in their ordt Which rhall be APP
pled TO liquidate the claims Sc ured by such
mortgage or mortgages. AID # therr be no
subsequent mortgage. then TO the mortgagor,
or person holding under him. on demand.
SIC. IL. Ibis act shall take effect January
|, 1879.
Approved November %. 1878.