Mexico weekly ledger., 1895-07-11
A NEW MORTGAGE Law.
An Item Going the Rounds OF the
Press That is Misleading How
Mortgages are Recorded.

zone of the new laws passed by our
legislature goes into effect rhe l2tn
day of this month and is one that VIII
effect many people. On and after tne
date above named no mortgage VIII
have to be recorded. Further than
this, the recorder will make an entry
in a book, especially provided, OF each
mortgage Just as they are received,
for which he will receive a fee OF ten
cents, and a like fee for each release.
1t is the intention of the law TO save
dollars to the borrower in the way OF
recorders fees."-Ex.
The above Interpretation OF an act
of the legislature, passed at the last
regular session, is going the rounds OF
the press. 1t is calculated to be mis-
leading as will be noticed by a com
parison with the section which with
others bearing on the subject is given
in full for the benefit of the LEDGER's
readers:
SECTION /. No mortgage or deed
trust of personal property hereafter
made shall be valid against any othef
person than the parties thereto, I'M
less possession of the mortgaged or
trust property be delivered to and re-
tanned by the mortgage or trustee or
| cestui que trust, or unless the mort
agage or deed of trust be acknowl-
edged or proved and recorded in the
county in which the mortgagor or
grantor resides, i'll such manne as
conveyances of land are by law direct
ed to be acknowledged or proved and
recorded, unless the mortgage or deed
of trust, or a true copy thereof, shall
be filed in the office of the recorder
of the county where the mortgagor
or grantor executing the same resides,
and in the Ease of the city Of st. Louis,
| with the recorder of deeds for said
city, or, where such grantor is n nom
resident of the state, then in the office
! OF the recorder of deeds of the county
or city where the property mortgaged
was situated at the time of executing
| such mortgage or deed of trust; and
| such recorder shall indorse on such
instrument or copy the time of re-
ceiying the same, and shall keep the
same in his office for the inspection of
all persons; and such mortgage Or
deed of trust or copy thereof, may be
so filed, although not acknowledged,
and shall be as valid as though the in
strument were fully spread upon the
,.a1nrlC nG tho nnl1nfy ar in H1ca of
the city OF St. Louis, upon the records
OF said city, in the Office of the record
er of deeds; and such instrument, when
acknowledged and recorded, or when
the same, or a copy thereof, shall
have been filed, as above provided,
shall thenceforth be notice of the con
tents thereof to all the world.
SEC. ?. Such recorder shall enter
in a book, to be provided by him for
such purpose, the names of all the
parties to such instrument, arranging
the of such mortgagors or
grantOrs alphabetically, and shall note
thereon the time of filing such in
strument or copy, for which said re-
corder shall receive a fee of zen cents.
Such mortgage or deed of trust, when
satisfied, shall be discharged by either
of the following methods:
/. By the mortgage, cestui que
trust, his agent or assigns, on the
margin of such index, which shall be
attested by the recorder, for a fee of
ten cents.
,. Upon the presentation by the
mortgagor or grantor of the original
mortgage or deed of trust, and upon
such mortgagor or grantor making
affidavit before such recorder that the
instrument presented by him is the
original of the copy on file, and that
such mortgage or deed of trust has
been fully paid and satisfied, for which
such recorder shall receive a. fee of ten
cents.
8. Upon presentation or receipt of
an order in writing, signed by the
mortgage or cestui que trust thereof,
attested by a justice of the peace, or
any notary public, stating that such
instrument had been paid and salts
fed.
When either of these provisions
have been complied with, it shall be
the duty of the recorder to enter in a
column for that purpose the word
satisfied" giving date, and the fee
for such service shall be ten cents.
All fees for the release of such mort
gage or deed of trust shall be paid by
the mortgagor.
SEC. 8. Every such mortgage or
deed of trust, where the original or a
copy shall have been filed, as herein
provided, shall a to be valid as
against the mortgagor or the person
making the same, or subsequent pur-
chasers or mortgages in good faith,
after the expiration of five years from
the filing of the same.
SEC. A. Every such recorder OF
deeds shall be entitled to receive for
certified copies of such instruments SO
filed as aforesaid, when requested to
furnish the same, for every n hun
dred words, ten cents; and in every
case where a copy of the instrument
shall have been filed at the request OF
the mortgage or assigns holding the
original, such recorder shall certify or
the back of such original that a true
copy thereof has been filed, giving
date. for which service such recorder
shall be entitled to a fee of ten cents
Beagles-Priee.
On Thursday, July II, at s:3c P. m.
Miss Bessie Price will be married Il