Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

inspection Of all persons; such clerk shall
also make 9,a the entries ss required II sub
vided that when such mortgage shall be
OF a stock of goods, wares and merchan-
disc. or of the fixtures pertaining to the
same, the mortgage, or copy Of it. shall,
in addition, be filed in the office of the
register of deeds of the county in which
the town, city or village may be situated,
In the office of the clerk of which the
mortgage or copy thereof may be filed
under this section, except that where any
such town, city or village is situated
within two counties, the said mortgage or
copy shall be filed in the office Of the reg
lister of deeds of either one Of such coun-
ties at the option Of the person filing the
same; and the register of deeds shall en-
dorse on such copy filed in his office the
time of receiving the same and keep the
Same in his office for the inspection of
all persons, and shall provide and keep a
book and make the entries in the same.
as In the case Of such clerk, and shall re-
ceive the same compensation for such
filing and entry as Is allowed by law to
such clerk for like services. Mortgages
so filed in the office Of such clerk. and,
in the proper case, in the office Of the
register of deeds, shall be as valid and
binding upon all persons as IL the prop
erty thereby mortgaged had been. i'm
mortgage, delivered to. and the possession
thereof retained by, the mortgagee
Section 2315. Every such mortgage
shall cease TO be valid. as against the
creditors Of the person making the same
or subsequent purchasers or mortgages
in good faith, after the expiration of two
years from the filing Of the same or copy
thereof, unless within thirty days next
preceding the expiration of the two
years the mortgage, his agent or attor-
ney shall make and annex to the instru-
ment or copy on file In the office of the
clerk mentioned in section 2314 Of the
statutes, and, in the proper case, to the
copy on file in the office Of the register
an affidavit setting forth the interest
which the mortgage has by virtue of
such mortgage in the property therein
mentioned, upon which affidavit the clerk
deeds shall indorse the time when the
same was filed in his office. The register
Of deeds shall make the same entries of
the fling of such aff1davits, as are re-
CURED by law of such clerk and receive
for such filing and entering the same COM
pensation allowed by law to such clerk for
like services.
Section 2316b. The mortgagor Of any
stock Of goods or stock in trade of which
he is in possession and from which he Is
permitted to make sales and apply the
proceeds thereof upon the Indebtedness
existing between him and the mortga-
gee shall file statement in writing of
the aggregate amount Of the sales made
therefrom, the amount applied on the
mortgage debt and the total valuation of
the stock added every sixty days from
the date Of such mortgage with the town,
city Or village clerk in whose office said
mortgage or copy thereof, is filed. and
shall file a copy Of such statement with
the register of deeds in whose office a
copy of such mortgage is filed. Such reg
lister of deeds shall make such entries of
such statement as are required by law of
such clerk, and for such filing and enter
ing shall receive the same compensation
as is allowed by law to such clerk for
such services. Such mortgage shall cover
and be a valid lien upon the property
added to such stock after it's execution
for the amount of the Indebtedness re-
naming unpaid thereon, but only If the
mortgage shall appropriately recite that
1t is intended to apply to and cover such
additions. Such statement shall be veri-
fed by the affidavit Of the mortgagor, his
agent or attorney as being true and
correct statement of all sales made from
the stock Of mortgaged goods, the value
of the additions made to the original stock
since the date of the mortgage Or the date
Of the last verified statement SO filed and
the amount paid on the mortgage debt
since the execution Of the mortgage or the
filing of such statement II any mort
copies thereof herein required within the
time prescribed, the mortgage, as be-
tween the parties. thereto, shall be i'm
fixed for the filing of such statements
and copies shall cease to be lien upon
such stock of goods or stock in trade ex-
cept as between the mortgagor and mort
gagee.
Section 2317a. Whenever a chattel
mortgage shall be paid and the other con-
ditions thereof fully performed the mort
gage, his representative or assignee
shall on demand, give the mortgagor a
certificate to that effect, and in case of
a mortgage of a stock Of goods, wares and
merchandise or of the fixtures pertaining
to the same. two certificates to that eff
feet; and the mortgagor shall within ten
days after receiving such certificate or
certificates cause the same to be filed in
the clerks office where the mortgage.
and, In the proper case, in the register Of
deeds office, where the copy thereof to
which the certificate or certificates re-
late, We're fled and remove
said mortgage, and, in the proper case,
the copies thereof, from such office or Of
fees. Town. village and city clerks and
registers of deeds shall receive and file
such certificates and may charge ten
cents for so doing.
Section g This act shall take effect
and be in force from and after its pas
sage and publication.
Approved June rs. 1913 Copy Law.