The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1907-11-12
RELATING TO MORTGAGES
ARTICLE eY HON. S. T. BLEDSoE
ON VALIDITY OF MORTGAGES
AFTER STATEHOOD.

| Perhaps but few people realize
what a complete cnange there will
be in the system of laws In force
in the Indian Territory by the sub
stitution Of the oklahoma laws for
the laws at present in force upon
| the Issuance of the statehood pro
camation by the president. A mum.
| Der of these affect every day deal
ngs In every business community
in the Indian Territory part of the
new state.
| At the request of the Ardmoreite,
| have prepared this short state
ment upon the subject of mortgages
| under the laws of Oklahoma. The
validity of every mortgage is to
be determined by the laws IN force
at the date II its execution. The
question of whether or not the
instrument is entitled / registra'
tion will be determined by the laws
/ in force at the time 1t Is offered
for filing.
| Under the Oklahoma statute, the
mortgage may be in any form, how.
ever simple. II 1t merely shows the
conveyance Of properly to secure
the payment of a given sum at a
given time Instead of being acknow-
lodged II must be witnessed by
two witnesses. and an acknowledge
ment Is not a substitute for such
witnessing. An acknowledgment OF
la chattel mortgage will no longer
be necessary. The provisions of the
oklahoma statute are that "A mort
gage ~ personal property must be
signed by the mortgagor in the
presence of two persons who must
sign the same as witnesses thereto.
and no further proof or acknowl.
edgment is required to admit 1t TO
be filed"
when the mortgage is duly exc
cuted and Witnessed it should be
filed. except the renewal Is good
of deeds OF TIE county in which
the mortgaged property is located
When properly executed. witnessed
and fled. II imparts notice for the
period of three years without re
lnewal within thirty days Of the
IeXplration of the three years the
mortgage may be renewed where
2 fled. except the renewal is good
g for three years Care should be
8 exercised to have the mortgage
r locate the mortgaged property II
The proper county.
u Many merchants scattered through
p out the country districts have fel
e much apprehension about the tax
IS ing of mortgages because OF th'
l fact that there would be an interim
5 when there woIid he no notarie'
public. They will not De incon
e venlcnced however. on that accoun,
II because an acknowledgment is no
necessary. and IS not substitute
II for the witnesses under the Okla
s. homa law.
e Another distinction that will prob
D ably be Of interest to those holdini
mortgages Is that under the law II
force in the Indian Territory,
the mortFa"ce takes possession thi
a dispCnscs with the necessity of th
= hlng or recording. II seems to b
4, nractic1iIy settled under the Okla
l. homa decisions constituting the OK
. lahoma statute that although tn
-, mOrtgagee may be in possession, hi
mortgage is not valid as agains
purchasers or creditors without
has been witnessed and filed as r,
Il qpired by the statute.
-, II would be advisable Of course
.e for each merchant who is usin
I, mortgages to any considerable e'
- tent. to have his mortgage form
-, properly prepared for use under tn
le OElah oma law.
'e This is given in a general wa
=" for what it may be worth in ei
~ abling persons interested in NOR
20 cages to escape the embarrassment
n of the change from one system
q laws to another
NJ S. T. BLEDSOE.