The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1910-12-10
FINE LEGAL WORK
The Drawing Up of a Big Mort
gage a Serious Matter.
CLOSE ANALYSIS OF WORDS.

Wnere tne document Is I'd 30 Oseo as
q Basis For an Issue of Bonds an Ex-
pert on Definitions Is Employed-Rig
Expense and Big Fees involved.
Drawing up a big mortgage, espe-
cially when it 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 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 boat line whose
vessels piled on 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 q mighty
| flood of water at all seasons. the pos
sibility of this contingency arising
seemed out of all reason, but the attor-
neys for the mortgages 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 h 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 80 that its
provisions are satisfactory to both
sides the lawyers who draw the mort
gage in the first instance prepare
list of words about whose meaning
they fear there may be some dispute
and turn this list over to the expert
etymologist who Is In charge of the
library in every big Office. This man
prepares a report which shows not
only the dictionary definition of each
one of these words. but also furnishes
a list of all legal decisions that have
been made relative to its exact signi1-
canoe. This expert, being advised OF
the particular shade of meaning 1t is
desired to convey. also furnishes On
opinion as 10 what b the right word.
supporting his statement by list of
such legal decisions as may apply. All
these reports are carefully bound to-
: gether and become part of the mass
Of papers, sometimes weighing many
pounds. that accumulates while the
mortgage Is being drawn. They are
filed away when 1t Is finished.
. After the mortgagor's counsel have
; completed drawing up the instrument
rs they think 1t should be it passes tt
the attorneys on the other side. who
pick as many flaws as possible in 1t
They, too. pay special attention to the
exact meaning of words. and frequent
ly their experts question the defini
tons of those on the other side. Aftel
the two firms Of attorneys have settled
all their differences the mortgage i
generally submitted to another set o.
expert legal advisers. who criticise !
from every possible point of view. Al
l. this takes a great deal OF time ant
d costs a great deal of money.
r. The total legal expense of drawing
y up a big corporation mortgage fire
:, quently runs into more than hundred
thousand dollars. 1t Is not uncommon
&c for a single firm of experts to receiv
10 as high as $4,000 for criticising an,
Of correcting one of these important isga
4. documents. When 1t has been teste
In every possible way and Is 6nall
N passed upon and approved 1t Is prin
ed. 1t may cover between 100 and 20
W pages and contain from 10000 to 5000
words. The latter Is about the nun
n, Der In novel of the ordinary size.
Is the interests affected have propert
;: In more than one county or state til
g mortgage has to be recorded In eac
of these.
IT IL not until all this work has bee
done that the bonds secured by tn
mortgage are placed on the market
T. s. Dayton In New York Tribune.
ID