The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-12-10

by the usufy and forfeiture expedients,
to annul and prevent the making of
covenants that the mortgageor shall
pay the taxes on the full appraised
value of the mortgaged property:
SECTION 1.--Persons OF parties holding
real estate subject to mortgage may claim
exemption from taxation thereon to an
amount not exceeding the amount remain
ing unpaid on the notes secured by said
mortgage or mortgages, on the LIST day of
April Of each year. Where such exemption
is claimed by mortgagor, II shall be the
duty of said claimant to present to the listers
OF the town in which the property Is located
a sworn statement of the amount remaining
unpaid on said mortgage notes, exclusive OF
interest thereon. He shall also state by
whom such mortgage or mortgages are held,
and to whom they were executed. 1t shall
be the duty OF said listers, when these condi-
lions shall have been complied with, to de-
duct the amount thus shown to remain UNI
paid on said mortgage notes from the list of
said claimant, provided the sum so deducted
shall not exceed the appraised value of said
real estate. The amount thus deducted
from the list of the mortgagor shall be set in
the grand list of the town where said real
estate is located to the mortgage, or holder
of said mortgage or mortgages.
SECTION 2.-For purposes OF taxation the
holders of mortgage deeds shall be held to
be joint owners with the holders Of other
deeds of the same real estate. Persons or
parties holding mortgages on real estate, on
which exemption has been granted, shall be
entitled to exemption from taxation on per-
sonal property to an amount not exceeding
the amount Of exemption which has been
granted the mortgagor. Provided, that the
total amount of exemption granted to all
claimants shall not exceed the appraised
value of such real estate; and it is hereby
further provided that where there Is more
than one mortgage upon the same property
the holder of the first mortgage may claim
the first right of exemption on personal
property, and the holders of each succeed
ing mortgage may claim exemption in the
order of the dates on which said mortgages
were recorded. Where exemption Is so
claimed by the holder of mortgages on real
estate not located in the town in which he
resides, it shall be the duty of said claimant
| to procure certified statement of the
amount of exemption granted in favor of the
mortgagor, from the listers of the town
where said real estate is located, and trans
init the same to the listers of the town in
which said claimant resides, on or before
the Goth day of April of each year. Where
mortgaged property is situated in two or
more places, 1t shall be set in the list where
located, to each of its joint owners, in pro-
portion to the liability Of each to taxation
on the entire mortgaged estate. 1t shall be
such real estate is located to furnish such GER
tificate on application of said claimant.
SECTION 3.-When the holder of q mort
gage on real estate on which exemption has
been granted to the mortgagor and trans
| ferred to the list of the holder of said mort
gage is a nonresident of the state, or where
| his residence is unknown to the collector of
| taxes in the town where said estate is To-
Gated, or where he shall refuse or neglect to
pay the taxes assessed upon the list repre-
senting said mortgage notes, it shall be the
duty of the mortgagor to pay said taxes.
| For the sum so paid, the collector shall give
his receipt in full to the said mortgagor,
which receipt shall have the full legal force
and effect of receipt given by the holder Of
said mortgage notes for money received in
payment of principal or interest on said
notes.
SECTION 4.-Where taxes have been paid
by the mortgagor in accordance with the
provisions of this act it shall be the duty
of the holder of said mortgage, or mortgages,
on presentation of the collectors receipt
therefor, to refund the amount so shown to
have been paid, in money, or cause the same
to be endorsed on the notes secured by said
mortgage or mortgages. II he shall refuse
to make full restitution, or in any manner
require the payment of said taxes by the
mortgagor without such restitution, he shall
be adjudged guilty of usury, and, on convic-
| ton thereof, shall forfeit and pay to the
mortgagor sum equal to twice the sum
thus fraudulently obtained, with costs OF
prosecution.
SECTION 5.-This act shall take effect
from its passage.