Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-11-21
THE UNPAID CHAT
TEL MORTGAGE

Those who are fortunate enough
to be possessed of real estate have
an available security when they seek
to borrow money. But there are
others of us who find occasion 10
seek an extension of credit who do
NOT own land. or whose land is all
ready incumbered by a real estate
mortgage. Such a one may secure a
loan by giving a mortgage on the
family horse, or the farm machln-
cry. or the stock in his store, as
security.
Whether the paper which he signs
as a mortgage transfers the title TO
the lender, giving him only the priv
ilege of regaining the ownership by
repaying the loan, or whether the
paper simply gives to the lender the
privilege of taking the property II
the debt be not paid, is not OF vi
tai interest to the average borrower
IS long as the result is practically
the same, The courts of some states
proceed along the theory that a mort
gage does one thing while those OF
the others take the opposite view
This difference in legal theory is not
likely to affect the man who gives
a mortgage on his property very dl-
rectly, unless that property is fe-
nj ct
familiar with the rule of law that
the offspring of domestic animals be-
long to the owner of the mother. so
a calf or colt will belong to the Dor
rover or lender according as the
one or the other is looked upon as
having title to the mOrtgaged animal
in that particular jurisdiction, The
practical and proper way to meet
the difficulty is to avoid it by agree
ing beforehand on this point and
having it specified in the mortgage
itself.
The points which interest a man
who has given a chattel mortgage
en- his movable property as secur-
ity for money due are with regard
to the payment of the mortgage or
the consequences in case he finds
himself unable to pay on time. 1t
is usually specified in the mortgage
that the man who gives mortgages
on his property, who bOrrows the
money,--in law he is called the mort
gagor-is to retain possession of the
property covered by the mortgage.
In the terms of the mortgage title
is transferred to the man who re-
ceives the mortgage, and lends the
money-the mortgage. In practical
effect the mortgage has a superior
sort of claim on that property to
protect his loan. If the loan is not
paid in full then he may enforce his
claims against the property
When the debt which the mort
gage was given to secure is paid
in full the claims Of the mortgage
" TIC plOpCl ~ al 2 NC0IlOyCOt Gnu
the mortgagOrs title again becomes
complete. When the borrower takes
the money due in good and lawful
currency-any money which is legal
tender-and tenders it to the per-
son to whom the money is due, on
the day and at the place specified
in the mortgage, the chattel mort
gage is discharged. The amount must
be the debt together with all prop
er interest charges and it must be
definitely offered to the mortgage
held out before him. Though he
refuses to accept it the mortgage
will, in most circumstances, be dis
charged by this tender The debt will
still remain due but the mortgage
on the goods will be discharged and
they will be free from incumbrance.
If the holder of the mortgage, the
mortgage, has transferred it to an
other, and the mortgagor has been
notified of it, he should of course
make the payment to the present
holder of the mortgage But if he