Lexington gazette. [volume] (Lexington, Va.) 1871-1962, 1910-09-21
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 ~
Basis For an Issue Of Bonds an Ex-
pert on Definitions 10 Employsd-Big
Expense and Big Fees Involved.
Drawing up q big mortgage, espe- |
cially when 1t is to be the basis for an
issue of bonds 1t is desired to dispose
Of In the open market, is a 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 final
approval OF the last revised copy by
those most directly concerned The
primary object Of such a formidable
legal instrument is, Of course, to define
clearly and exactly what the mortga-
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 are sought to be
guarded against appear to be absurd
to the lay mind.
Some years ago a 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
be done In the event Of the river dry
ing up or becoming impossible to navi-
: gate. AS the stream was 81 mighty
t food OF water at all seasons the pos
sibility Of this contingency arising
seemed out of all reason, but the attor
neys for the mortgage insisted upor
: its insertion. Nothing has happened
D to the river as yet.
!. The commonest weakness OF a mort
s gage and one that may escape thu
e ordinary eye is not the use OF thu
/ wrong word to express the desired
e meaning, but the use Of not exactly
@ the right one. After the mortgage hat
It been worked into shape so that It,
r, provisions are satisfactory to botl
a sides the lawyers who draw the mort
p gage in the first instance prepare
re list OF words about whose meaning
IL they fear there may be some disput
lg and turn this list over to the expel
81 etymologist who Is in chargeNf tn
library in every big ONCE. This ma
prepares a report which shows nc
a. only the dictionary definition of eac
one of these words, but also furnishe
q list OF all legal decisions that hav
been made relative to its exact signii
canoe. This expert, being advised
the particular shade OF meaning 1t
. desired to convey, also furnishes q
opinion as to what is the right wor
supporting his statement by a list
such legal decisions as may apply. A
these reports are carefully bound [
gether and become a part OF the ma
OF papers, sometimes weighing mar
pounds. that accumulates while Il
mortgage is being drawn. They a
fled away when 1t is finished.
.,, After the mortgagor's counsel ha
e. completed drawing up the instrume
as they think 1t should be 1t passes
the attorneys on the other side, W
pick as many flaws as possible in
ely They. too, pay special attention to I
bit exact meaning of words. and freque
Ing ly their experts question the def
-ly. lions OF those on the other side. AT
ne the two firms Of attorneys have settl
all their differences the mortgage
on generally submitted to another set
got expert legal advisers. who criticise
nv from every possible point OF view.
Is this takes a great deal of time q
has costs a great deal OF money.
DR. The total legal expense OF draw
lite up a big corporation mortgage
ate quently runs into more than a hund
thousand dollars. 1t is not uncOmn
for a single firm of experts to rece
as high as $4,000 for criticising 4
correcting one of these important lie
documents. When 1t has been ties
\ In every possible way and is fin
a passed upon and approved 1t Is pr
ed. 1t may cover between 100 and
81 pages and contain from 40 1000 to 80
Al | words. The latter is about the NJ
Isl Der In a novel OF the ordinary size.
~ the interests affected. have prop,
In more than one county or state
~ mortgage has to be recorded in e
Of these.
1t is not until all this work has
done that the bonds secured by
mortgage are placed on the mark,
T. S. Dayton in New York Tribur
- Music Maxims.
IT.