Commission ers to be sat value, and that borrow. in fee. of this act shall be deemed good and valid incumbrances for the whole amount specified in said mortgages from the day of the date thereof, in like manner as if the whole amount had been paid to the borrower on that day. § 10. The said commissioners respectively, before they isfied as to accept a mortgage on lands for any of said moneys, shall be satisfied that the borrower has a title in fee to such lands, er has a title and that the same are free and clear of all incumbrances and are worth double the amount of the sum loaned, exclusive of buildings and of the value of the rent in perpetuity if any charged thereon; and wherever the said commissioners shall deem it necessary they shall, in addition to the examinations for that purpose hereinafter directed to be made, require the borrower to satisfy them by proper evidence that he possesses an estate in fee in such lands free and clear of all incumbrances. In what sums money 11. The said commissioners shall loan the said moneys to be loaned in sums not exceeding the sum of two thousand dollars, except in the city of New-York, and in that city in sums not exceeding the sum of five thousand dollars; and in the several counties, except in the city of New-York, in sums not under two hundred dollars, and in that city not under five hundred dollars, unless the proportion be less to any one person by means of more than the amount apportioned to any county having been applied for. Interest ble. principal. §12. The interest of the moneys to be loaned as aforewhen paya said, shall be payable annually on the first Tuesday of October in each and every year, and the said moneys shall be loaned on a credit of not exceeding five years, subject, howPayment of ever, to the condition of being called in, the one half on a previous notice of one year, and the remainder on a previous notice of two years; and no borrower shall be permitted to pay any part of the principal moneys loaned on any day other than the first Tuesday of October in any year, unless so many shall offer payment on that day that the said commissioners cannot during the day receive the whole sums offered to be paid, in which case they shall continue to receive until all who on that day offered have paid the moneys so offered. When permitted. In what case removed. § 13. In case any of the said commissioners shall remove som's to be out of the county, die, or neglect or refuse to perform the duties required of him in this act, or shall neglect or refuse to give additional security when required as hereinafter provided, or shall be guilty of any misconduct in his said office, upon report or complaint made thereof to the governor, the governor shall, in case of such neglect of said commissioner remove him from his said office; and also, as well as in case of such death or removal, appoint some other reputa ble inhabitant of said county as such commissioner, who shall hold his office and discharge the duties thereof until New ap pointment. Com's may charges. the next meeting of the senate; and in case the said com- be summonmissioner shall be guilty of any misconduct in his said office, ed to answer then the governor shall, upon complaint as aforesaid, summon the person so charged with improper conduct to appear before him, and shall hear and determine the subject matters of said complaint; and on being satisfied of the truth and remothereof, the governor is hereby required to remove such ved. commissioner, and to appoint some other reputable inhabitant of said county in his stead, who shall hold his office and discharge the duties thereof until the next meeting of the senate. resign. New ap § 14. Any of the said commissioners who shall have faith- Com's may fully discharged the duties of the said office, may resign the same, and the governor, with the consent of the senate, shall appoint a fit and proper person to supply any vacancy occa- pointment. sioned by such resignation, or in any other manner, whenever the same shall happen; and every person who shall be appointed in pursuance of this or the next preceding section, shall do the like acts as other commissioners are by this act required to do, and shall be subject to the like penalties, restrictions and regulations, and receive the same compensation and advantages as the other commissioners are liable, subject or entitled to. tain am❜t of case of sale. §15. The said commissioners, in case of a sale of any Com's to relands mortgaged to them by virtue of this act, may retain disbursein their hands out of the moneys for which the said lands ments in are sold, besides the principal and interest, as hereinafter directed, the amount of the disbursements paid out by them on account of the advertisements and sale, and the sum of five dollars for their services in preparing the notices of such sale and superintending the same: But where the moneys due on the mortgage shall be paid before a sale of the mortgaged premises, the said commissioners shall not be authorized to charge or receive more than the amount of the disbursements and two dollars for their services. Comptroller. § 16. The said commissioners, on the first Tuesday of To report to December next, and on the first Tuesday of December in every year thereafter, and also whenever the comptroller. shall require it to be done, shall render a full and detailed account to the comptroller, in such form as he shall prescribe, of all the moneys by them received, and of the sales of all lands by them made by virtue of this act, and of all deficiencies which may happen by such sales or otherwise; and whenever it shall appear by the account of any of the commissioners that lands have been purchased by them, or any of them, for the people of this state, the comptroller shall make a report thereof to the legislature at their next session. §17. If any of the moneys authorized to be loaned by Moneys rethis act, shall remain in the hands of the commissioners for wein weeks in hands of com's, how loaned Interest to be paid to Treasurer want of borrowers, for the space of four weeks after the first day appointed for loaning the same, the said commissioners, in every such case, may loan out such moneys on like security as aforesaid, by mortgage on improved lands in the same county, to any person who will borrow the same, in any sum, in the city and county of New-York, not exceeding ten thousand dollars, and in the other counties of this state in any sum not exceeding five thousand dollars. § 18. The said commissioners shall, on or before the first Tuesday of November in every year, pay to the treasurer of this state the interest of the money committed to their charge respectively, by virtue of this act, at the rate of seven per cent. per annum, subject, however, to the following deduction: The said commissioners may retain, as a comtion of Compensation for their services, out of said interest, in each and missioners. every year, after the following rates: Upon twenty-five Compensa Evidence of title to be given to purchaser at sale. Form of bond. thousand dollars, or a less sum, so committed to their charge, three quarters of one per cent; upon the further sum of twenty-five thousand dollars, or less, half of one per cent; and where the whole sum shall exceed fifty thousand dollars, half of one per cent, except in the city and county of New-York, in which city and county the commissioners shall upon all sums exceeding fifty thousand dollars, only be permitted to retain one quarter of one per cent. § 19. Upon every sale of lands the commissioners shall fill up the blanks in one of the loose sheets of blank mortgages to be provided by them as in this act is directed, like to the original mortgage, and attest the same as a true copy under their hands and seal, and deliver the same, instead of the original mortgage, to the purchaser as the evidence of his title. 20. The bond to be given by the said commissioners shall be in substance as follows, to wit: "Know all men by these presents, that we are held and firmly bound unto the people of the state of New-York, in the sum of to be paid to the said people; for the payment whereof we bind ourselves, our heirs, executors and administrators, jointly and severally, firmly by these presents. Sealed with our seals, and dated the in the year one thousand eight hundred and as the above bounden day of Where has been appointed one of the commissioners for loaning certain moneys of the United shall obligation is such, that if the above bounden main in full force and virtue. Sealed and delivered in the presence of ers to pro blank mort § 21. The said commissioners respectively are hereby Commission. authorized and required, under the directions of the comp- cure books, troller, to procure such books with blank forms, and such gages, &c. printed mortgages with blanks, as will be necessary under the provisions of this act: the expense of which shall be a charge on the interest to be received on the moneys authorized to be loaned by this act. mortgage § 22. The said commissioners shall exact interest on the Interest on moneys loaned by virtue of this act, from the day of the from its date. date of the respective mortgages, except as is provided in the ninth section of this act. commission cute a deed. § 23. In all cases where a sale of lands shall be made in When one pursuance of the provisions of this act, and a vacancy shall er may exeexist in the office of one of the commissioners in the county where such sale shall be had, it shall be lawful for the remaining commissioner to execute a deed in pursuance of this act for the lands so sold, which deed shall have the like force and effect as if executed by two commissioners for such county. ers to attend §24. The commissioners shall respectively attend their Commissionoffice every year, to receive the moneys directed by this office to re act to be paid to them, upon the first Tuesday of October, ceive money and thereafter on the Tuesday and Wednesday of each week for the space of three weeks. see $ 41. ers to exa and titles, &c Oath of § 25. The said commissioners respectively, before they Commissionaccept any mortgages on lands for any of the said moneys, mine lands shall first view the lands so offered to be mortgaged, or make due inquiry respecting the value thereof, and shall examine the titles thereto by perusing the deeds, patents, surveys, and other writings and conveyances by which the same are held; and the said commissioners respectively shall, and they are hereby empowered to administer to all persons applying to borrow any of the said moneys, the following oath, viz: "I, do swear, that I am bona fide seised in fee simple of the lands, tenements and hereditaments by me mortgagor. now offered to be mortgaged, in my own right and to my owe use; and that the same have not been conveyed to me in trust, to borrow any sum or sums of money upon the same, for the use of any other person or persons whatso ever; and that the said premises are free and clear from all gifts, grants, sales, mortgages, judgments, liens, and from all other incumbrances whatsoever, to my knowledge and belief:" and where the lands offered to be mortgaged are subject to a rent in perpetuity, the borrower, in the said oath, may make an exception of such rents. And in order the better to satisfy the said commissioners as to the title and value of what is offered in mortgage by borrowers, they or either of them are hereby authorized and empowered to ext Examination amine the borrower and witnesses concerning the same, upof borrower on oath, and to administer such oath: a brief minute of ed in minute. Which examination, and the names of the persons so examined, shall be entered in the said minute-book of proceedings. to be enter book. Deeds of mortgaged be recorded. § 26. No money shall be loaned under this act, unless the premises to title deeds of the real estate offered to be mortgaged as a security for such loan are recorded in those counties where such recording is necessary to render valid the titles to land, and in all other counties, unless such title deeds, if not recorded, shall be deposited with the said commissioners, or one of them, until they shall be so recorded. Moneys to be loaned at 7 per cent. § 27. The said commissioners shall loan out the said moneys according to the directions of this act, at an interest of seven per cent per annum; and the mortgages which shall be taken by the said commissioners, shall be executed in the presence of two or more witnesses, who shall subscribe the Witnesses to same as such witnesses: and the substance thereof shall be mortgage, how minut minuted in a book by the said commissioners, to be by them ed, fees therefor, &c. kept for that purpose in their respective counties; for the Duty of com in taking ceiving pay. mortgage. filling up of which mortgage, and the making such minute, the borrower shall pay to the said commissioners the sum of one dollar, and no more: and which mortgage and minute shall be, and each of them are hereby declared to be matter of record; and an attested copy of the said mortgage, if in being, or of the said minute in case the said mortgage is lost, under the hands and seals of the said commissioners, shall be good evidence of the said mortgage in any court within this state. § 28. The said commissioners, at the time of the lending missioners of any of the said moneys, shall take the security for the security, re- same by this act required to be taken; and for every sum ments, &c. paid to them they shall give to the person paying the same a receipt, and shall enter one minute of such payment on the back of the mortgage, and another minute thereof in the book of accounts by them to be kept, and that without any fee or reward; and when the whole of the principal and interest due on any mortgage shall be paid to the said comRelease of missioners, they shall, if required, give the party making the payment, a release of the mortgage, and shall tear from the same the name and seal of the borrower, and shall make an entry on the margin of the mortgage, and in the margin of the minute made thereof, of the time such release was given, for which release the releasee shall pay the sum of Fees there fifty cents, and no more; and whenever any of the said principal moneys shall be paid in as aforesaid, the said commissioners shall, at the end of the annual meeting at which such payment shall be made, compute the whole amount of the Principal principal moneys so paid, and shall then immediately loan be reloaned. Out the same in like manner, and upon the like security, as is hereinbefore provided. for. moneys to |