The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1909-04-04

II 4 debtor puts a second mortgage
On his household goods without .de
written permission Of the fnst loac
man, he is subject to prosecution
Il the debtor mortgages property TO
loan man. when II has been purchased
on the instalIment plan and has not
been fully paid for, the grantOT TesecV-
ing title in the goods until they are
fully paid for, ne is subject 10 cr1R
inal prosecution for having obtained
money under false preteRscs.
IF He Falls Behind.
II the debtor falls behind with his
interest or fails or refuses TO pay
the principal, and has TWO or more
Mortgages on his goods the loan man
may give bond for double the amount
Of his claim and attach the goods de-
sCr.bed in the mortgage. To Illus
trate the loan man claims that the
debtor owes him $500. He gives
bond for $1,000 and the other allega
tons being sufficient, the writ ISSUES.
Tie officer, in company with the loan
man, whose duty it Is to point out the
goods described. proceeds 70 the home
OF the debtor and leyies The writ. IN
NEST instances everything that las
any value at all is covered by tne
mortgage and by the writ. The result
is that the debtors home is practical
" stripped. Well, the debtor has the
right to make bond and secure the
return of the goods. The first queS-
ticp arises Is, can he get two good
and sufficient suretieS to so ais bond.
To be eligible as surety on this bond
the two SuTeties must own real estate
in this county other than their home
steGds.
Right here is where most DOOR debt
o-5 find themselves unable to proceed
further. Assuming that the debtor
can find sufficient suretiss, he must
hunt up the officer who levied the
writ The officer appTaises the prop
erty. The debtor then enters into
bend. In double the claim of the loaa
man: No! In double the value o.
the property as fixed by the Officer.
Hence. if the loan man claims So 90
and the property levied upon is ap-
praised at $4,000. the debtor MAY
give bond in the sum OF 10000, Re
men Der that the loan man gives d
bend for $40 to procure the issuance
OF the writ. The unfortunate debtor
must then pay the officer S1.GO for
approving the bond. Assuming thu
tho debtor has complied in everywisc
with the foregoing outline of what is
necessary to secure the return of the
goods. the officer then delivers the
gCods 10 the debtor at the place where
they may be slowed and the debtor
then pays the expense of transport
tton to his home.
Some Court Evidence.
The following IS a quotation of 1
part of the stenoSraphic report of the
testimony in a certain prosecution IN
stituted by one of the most prorI!-
nrnt of the loan men. The questions
we've pTOpounded by the writer ana
the answers are those OF the manager
O. the loan office out of which grew
the prosecution
Q. Can you state how much was
the original loan to from these
books?
A $1,000
g. Can you state from those books
how much has been paid by -?
\. l Can.
&. How much2
A All that has been paid?
c. Yes sir; how much?
A. $3.50
Q. That was on a loan OF $1,000?
/ \. Original loan of $1,000, yes
si-.
c. Can you state the date the loan
was made?
A. Which one?
G The original loan.
A June 18th.
g. June 18th. Of what year?
4. 1907
{. Then in less than one wear
$3.50 has been paid on tnat account
4. Yes sir
J. T. STOKES.