Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1910-09-13
fine LEGAL WORK
The Drawing Up Of a Big Mort
gage a Serious Matter.
CLOSE ANALYSIS OF WORDS.

Whore the Document 10 to Be Used a.
Basic For an Issue Of Bonds an Ex-
pert on Definitions 10 EmpIoyed-Bip
Expense and Big Foes Involved.
Drawing up a big mortgage. espe-
cially when Il Is TO be the basis for an
Issue or bonds II is desired to dispose
or In the open market, Is q task far
greater than most people have any
idea Of. Sometimes months of con-
tinuous labor elapse between the be-
ginning Of the first draft and the finnl
approval Of the last revised CODY by
those most directly concerned. The
primary object Of such a formidable
legal instrument Is. of course, to define
clearly and exactly what the mortgs-
gor Will do. The individual or COM
pany In whose favor the mortgage is
drawn. however, through his attorney
seeks to protect himself from every
possible contingency. Some OF these
possibilities that arc sought TO be
guarded against appear to be absurd
to the lay mind.
some years ago q boat line whose
vessels piled on a certain river desir-
ed TO mortgage its property and issue
bonds One of the provisions Of the
legal instrument provided what should
DO done In the event Of the river dry
Ing up or becoming impossible TO nayi-
gate. AS the stream was mighty
flood OF water at ali seasons. the pos
sibility OF this contingency arising
seemed out Of all reason. but tho attor.
neys for the mortgage insisted upon
Its insertion. Nothing has happened
TO the river as yet.
The commonest weakness OF a mort
gage and one that may escape the
ordinary eye IS not the use OF the
wrong word TO express the desired
meaning. but the use Of not exactly
the right one After the mortgage has
been worked into shape so that its
provisions are satisfactory to both
sides the lawyers who draw the mort
gage In the first instance prepare n
list OF words about whose meaning
they fear there may be some dispute
and turn this list over TO the EXPERT
ctymologist who Is I'm charge OF the
iibrnry In every big Office 'Fhis man
prepares report which shows not
only the dictionary definition OF enrh
one OF these words. but also furnishes
list OF all legal decisions that hnvo
been made relative to its eXnct signit-
canoe. This expert. being advised OF
the particular shade OF meaning n *
desired TO convey, also furnishes an
opinion aS to what Is the right word
supporting his statement by list OF
such legal decisions as mny apply An
these reports are carefully bound to-
gcther and bee ONE part OF the muss
or papers. sometimes weighing mnnv
pounds. that accumulates while the
mortgage tx being drawn. They are
filed away when II is finished.
After the mortgagor's counsel have
1 completed dra wing up the Instrument
ns they think II should be IL passes 10
the attorneys on the other side. who
PICK az many flaws as possible I'm II.
Ihey. too. pay special attention 10 the
exact meaning OF words. and frequent.
~ their experts question the detfni
tons OF those on the other side. After
the two firms of attorneys have settled
all their differences the mortgage IS
generally submitted to another set Of
expert legal advisers. who criticise Il
from every possible point OF view. All
this takes great deal OF time and
costs great deal OF money.
The total legal expense OF drawing
mp a big corporation mortgage fire.
quenly runs into more than q hundred
thousand dollars. 1t is not uncommon
FOR single 0rm OF experts 10 receive
a5 high as $4,000 for criticisin0 and
correcting one OF these important legal
documents. When 1t has been tested
In every possible way and n finally
passed upon and approved Il Is print.
cd. IL may cover between 100 and 200
Dnscs and contain from 10000 to 10000
words The latter is about the num-
her In novel OF the ordinary size. II
The interests affected have property
In more than one county or state the
mortgage has TO be recorded I'm each
OF these
/ II Is not until all this work has been
I done that the bonds secured by the
mortgage are placed on the MARKET
. II q In Ir