upon satisfying the claim secured thereby. En. March 21, 1872.

Cal.Rep.Cit. 78, 603; 78, 604.

§ 2905.

Redemption from lien, how made. Redemption from a lien is made by performing or offering to perform, the act for the performance of which it is a security, and paying or offering to pay, the damages, if any, to which the holder of the lien is entitled for delay. En. March 21, 1872.

Cal.Rep.Cit. 101, 548.

ARTICLE VI.

§ 2909.

§ 2910.

§ 2911.

82912. § 2913.

EXTINCTION OF LIENS.

Lien deemed accessory to the act whose performance it

secures.

Extinction by sale or conversion.

Lien extinguished by lapse of time under statute of limitations.

Apportionment of lien.

When restoration extinguishes lien.

§ 2909. Lien deemed accessory to the act whose performance it secures. A lien is to be deemed accessory to the act for the performance of which it is a security, whether any person is bound for such performance or not, and is extinguishable in like manner with any other accessory obligation. En. March 21, 1872.

Cal.Rep.Cit. 104, 12; 122, 416.

Assignment of debt: See sec. 2936, post.

§ 2910.

Extinction by sale or conversion. The sale of any property on which there is a lien, in satisfaction of the claim secured thereby, or in case of personal property, its wrongful conversion by the person holding the lien, extinguishes the lien thereon. En. March 21, 1872.

Cal.Rep.Cit. 74, 255; 100, 37; 111, 185; 117, 368; 122, 283; 122, 416; 124, 288.

§ 2911.

Lien extinguished by lapse of time under statute of limitations. A lien is extinguished by the lapse of the time within which, under the provisions of the Code of Civil Procedure, an action can be brought upon the principal obligation. En. March 21, 1872.

Cal. Rep.Cit. 56, 343; 58, 151; 58, 152; 66, 336; 72, 311; 115, 176; 116, 259; 120, 222; 120, 223; 122, 416; 122, 418; 124, 512; 131, 439; 132, 423; 132, 428; 137, 385; 137, 386. See Code Civ. Proc., secs. 335-347.

§ 2912. Apportionment of lien. The partial performance of an act secured by a lien does not extinguish the lien upon any part of the property subject thereto, even if it is divisible. En. March 21, 1872.

Cal.Rep.Cit. 122, 416.

§ 2913. When restoration extinguishes lien. The voluntary restoration of property to its owner by the holder of a lien thereon, dependent upon possession, extinguishes the lien as to such property, unless otherwise agreed by the parties, and extinguishes it, notwithstanding any such agreement, as to creditors of the owner and persons, subsequently acquiring a title to the property, or a lien thereon, in good faith, and for a good consideration. En. March 21, 1872. Am'd. 1873-4, 260.

Cal.Rep.Cit. 59, 159; 59, 168; 99, 518; 122, 416.

CHAPTER II.

MORTGAGE.

Article I. Mortgages in General, §§ 2920-2942.
Mortgages of Real Property, §§ 2947-2952.
Mortgages of Personal Property, §§ 2955-2972.

III.

2920.

2921. 2922.

§ 2923.

§ 2924. 2925.

2926.

ARTICLE I.

MORTGAGES IN GENERAL.

Mortgage, what.

Property adversely held may be mortgaged.

To be in writing.

Lien of a mortgage, when special.

Transfer of interest, when a mortgage and when a pledge.
Transfer made subject to defeasance may be proved.
Mortgage on what a lien.

2927. Mortgage does not entitle mortgagee to possession.
Mortgage not a personal obligation.

2928.

Waste.

Subsequently acquired title inures to mortgagee.

Foreclosure.

2929.

2930.

2931.

2932.

Power of sale.

Recording assignment of mortgage.

Recording assignment of mortgage not notice to mortgagor.

Mortgage passes by assignment of debt.

Certificate and record of discharge.

Duty of mortgagee on satisfaction of mortgage.

Provisions of this chapter do not affect bottomry or respondentia.

§ 2920. Mortgage, what. Mortgage is a contract by which specific property is hypothecated for the performance of an act, without the necessity of a change of possession. En. March 21, 1872.

Cal. Rep.Cit.

58, 15;

66, 98; 88, 441; 98, 518; 107, 148; 109, 365; 112, 187; 121, 489; 122, 479; 125, 461; 128, 300; 128, 491; 135, 279.

The code substitutes, instead of the actual possession previously requisite, the recording provisions of secs. 2957, 2959, 2962, 2963, 2965, and 2966.

Actual transfer of possession of personalty would change it into a pledge: See sec. 2924, post.

§ 2921. Property adversely held may be mortgaged. A mortgage may be created upon property held adversely to the mortgagor. En. March 21, 1872.

This provision is a logical sequence of section 2947, post, and section 1047, ante.

§ 2922. To be in writing. A mortgage can be created, renewed, or extended, only by writing, executed with the formalities required in the case of a grant of real property. En. March 21, 1872.

84, 205;

Cal.Rep.Cit. 53, 680; 56, 344; 57, 471; 58, 152; 65, 516; 85, 288; 112, 366; 117, 415; 122, 418; 122, 419; 122, 420; 126, 469; 134, 600; 137, 389.

68, 53; 74, 350; 120, 223; 120, 224; 128, 551; 129, 417; Mortgage, form of:

Sec. 2948, post.

§ 2923. Lien of a mortgage, when special. The lien of a mortgage is special, unless otherwise expressly agreed, and is independent of possession. En. March 21, 1872.

Special lien, definition: See ante, sec. 2875.

§ 2924. Transfer of interest, when a mortgage and when a pledge. Every transfer of an interest in property, other than in trust, made only as a security for the performance of another act, is to be deemed a mortgage, except when in the case of personal property it is accompanied by actual change of possession, in which case it is to be deemed a pledge. En. March 21, 1872. Am'd. 1873-4, 260.

Cal.Rep.Cit.

58, 15; 59, 112; 64, 514; 71, 411; 74, 254; 80, 352; 91, 461; 100, 254; 105, 469; 105, 470; 106, 680; 107, 148; 121, 384; 121, 542; 123, 694; 126, 604; 127, 256; 128, 300; 129, 163; 135, 279.

Deed absolute on its face, when a mortgage: See post, secs. 2925, 2950.

§ 2925. Transfer made subject to defeasance may be proved. The fact that a transfer was made subject to defeasance on a condition, may, for the purpose of showing such transfer to be a mortgage, be proved (except as against a subsequent purchaser or incumbrancer for value and without notice), though the fact does not appear by the terms of the instrument. En. March 21, 1872.

Cal.Rep.Cit. 58, 15; 64, 514; 71, 411; 88, 325; 91, 461; 119, 21; 123, 694; 127, 256.

Deed absolute on its face a mortgage: See secs. 2924, ante; 2950, post.

Recording defeasance: See sec. 2950, post.

$2926.

Mortgage on what a lien. A mortgage is a lien upon everything that would pass by a grant of the property. En. March 21, 1872.

Cal. Rep.Cit. 80, 252; 80, 352; 126, 605.

Fixtures generally: See ante, sec. 660.

Growing crops: Post, sec. 2972.

§ 2927. Mortgage does not entitle mortgagee to possession. A mortgage does not entitle the mortgagee to the possession of the property, unless authorized by the express terms of the mortgage; but after the execution of the mortgage the mortgagor may agree to such change of possession without a new consideration. En. March 21,

1872.

Cal.Rep. Cit. 72, 309; 80, 326; 88, 440; 96, 32; 106, 680; 109, 362; 109, 365; 112, 187; 117, 416; 121, 544; 127, 652; 128, 491.

Mortgagee's possession: Ante, secs. 2920, 2923.

§ 2928. Mortgage not a personal obligation. A mortgage does not bind the mortgagor personally to perform the act for the performance of which it is a security, unless there is an express covenant therein to that effect. En. March 21, 1872. ·

Cal.Rep.Cit. 57, 642; 66, 98; 101, 419; 127, 204; 137, 255.

§ 2929. Waste. No person whose interest is subject to the lien of a mortgage may do any act which will sub

stantially impair the mortgagee's security. En. March 21, 1872.

Cal.Rep.Cit. 80, 246.

Damages are recoverable by the purchaser at the sale, for injuries by tenant: See sec. 746, Code Civ. Proc.

§ 2930. Subsequently acquired title enures to mortgagee. Title acquired by the mortgagor subsequent to the execution of the mortgage enures to the mortgagee as security for the debt, in like manner as if acquired before the execution. En. March 21, 1872. Am'd. 1873-4, 260.

Cal.Rep.Cit. 52, 335; 52, 336; 67, 279; 98, 518.
Sec. 1106, ante.

§ 2931. Foreclosure. A mortgagee may foreclose the right of redemption of the mortgagor in the manner prescribed by the Code of Civil Procedure. En. March 21, 1872.

Foreclosure of mortgage.-Place of trial: Code Civ. Proc., sec. 392. Receiver may be appointed: Id., sec. 564. Proceedings in actions for foreclosure: Id., sec. 726. Remedy exclusive: Id., sec. 744. Surplus, how disposed of: Id., sec. 727. Installment loans: Id., sec. 728. Actions against estates: Id., sec. 1500.

§ 2932. Power of sale. A power of sale may be conferred by a mortgage upon the mortgagee or any other person, to be exercised after a breach of the obligation for which the mortgage is a security. En. March 21, 1872.

Cal.Rep.Cit. 57, 482; 101, 227.

Power of sale is a part of the security and passes by assignment of the debt: Sec. 858, ante.

§ 2933. Power of attorney to execute. A power of attorney to execute a mortgage must be in writing, subscribed, acknowledged, or proved, certified, and recorded in like manner as powers of attorney for grants of real property. En. March 21, 1872.

Authorization generally: See sec. 2309, ante.

§ 2934. Recording assignment of mortgage. An assignment of a mortgage may be recorded in like manner as a mortgage, and such record operates as notice to all per