The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-09-26
MORTGAGE REGISTRY.
Mr.. Fielder Calls Attention
to the Laws on the
Subject.

Register Fielder calls attention to a
law that may have far reaching effects
Isfthe registration of a mortgage by copy
ing in the record an abstract Of the mort
gage. a compliance with the existing law
providing for entering Of mortgages on
the records in the County Registers
Office. This is a question tina Register
Fielder il calling to the attention Of the
lawyers Of the county and is Of interest to
property holders. Mr.. Fielder says there
are two methods provided by law for
placing mortgages on the records in his
oLnce, one IS py recording. which means
the copying of the whole mortgage in full
en- the record, and the other by register
ing, which consists in placing on the rec
ord an abstract OF the mortgage. shoW-
date. the amount, when payable and a
description of the land affected. In the
case OF a recorded mortgage, a transcript
of the record taken from the Registers
office. may be used in the courts as evil
dence with the same effect as the origi-
nal mortgage. but the record Of a regis
tered mortgage is simply notice OF the ex-
fstepce of such a document and a tran
script of such a record cannot be used
as evidence, The reason for registering
instead of placing the mortgage in full
on the record is that the former plan is
less expensive.
Mr.. Fielder states that there IS some
doubt as to the validity of mortgages
THE law under which this method has
been IN use Is Section II Of IAN act con-
a,1o5 81 the General Statutes. 1t has been
suggested hat this law was repealed by
Implication by An act respecting con-
xeyaae Is ap 3 ezo s. Sq the Z, N ~ sor . fbe ee
year. Section a of the latter act, emu
merates the Instruments that may be re-
corded mentioning m~ortgages and. Sec
of The Register to record these instru-
ments in appropriate books; that is. that
deeds shall be recorded in books backed
Mortgages, and 50 on. Section AZ pro-
Register to record in said appropriate
other instrument by entering the same
word for word; Section As provided that
every instrument set forth In Section "a,
~ recorded, be void. and Section IS pro-
vided that the record aforesaid OF any
such deed or instrument Of the nature or
| description set forth In Section p, and
shall be received in evidence In any
court. Section % IS a general repeater
Of all inconsistent legislation. The cues
Lies, of the General Statute. providing
for the registration Of mortgages, been
repealed by this law of 1887 The regis
| tration of a mortgage is objectionable be
cause the abstract on the record fails TO
show some of the most important parts
of the mortgage, being an incomplete
record. and also because q certifled copy
| of the abstract cannot be used in the
| courts as evidence. In any event It VIII
be seen tina there is a conflict OF laws
and that there may a difference OF opln-
ion as to whether the statute providing
| for registration of MORTGAGES still exists
| or has been repealed. The next legisla-
ture may be called upon to pass an act
| June IA, 1898, which can be done, except
as to mortgages on property against
| which a person other than the mortgage
has since acquired an interest by way OF
Judgment or other mortgage duly record
| ed. The question is one that aifeefs enou-
| sands of mortgages that nave peen re-
| corded in abstract all through the state
| Register Fielder also calls attention 10
| the laxity Of the laws regarding the can
| collation. of mortgages. II the original
| mortgage purporting to be receipIed py
the -ortgage with the seals torn OH.
| is presented 70 the Register. 1t Is his duty
to at once cancel the mortgage on the
record. He can not inquire into the genu-
/ ineness of the m-ortgageess gnatnr OF
whether the attorney who receipts TOT the
mortgage had authority to do so he must
cancel the mortgage. Some of the Bar
| Associations of the State have sought to
| remedy this loose method OF cancellations,
by endeayoring at several sessions o. me
| legislature to pass a bill repeating the
law and providing instead that no
| mortgage shall be cancelled of record. ex-
| cept upon fling with the Register, a
satisfaction of mortgage, duly signed ana
| sealed by the owner of the mortgage and
witnessed and acknowledged before q
| Master in Chancery, a Commissioner Of
Deeds, but the rural member of the
legislature have regularly voted down
! such measure on the plea that it would
be objectional to their constituents be-
| cause it would increase the cost of can
collation.. Sc the law will probably re-
main until some glaring case Of fraudu-
lent cancellation forces the legislature to
enact a DrODer statute. a