Deficiencies

use of the

county.

for which they before ought to have met; and in case the said supervisors, or either of them, when a majority of them are met, shall neglect or refuse to do the duty enjoined on him or them by this act when met, or shall on any pretence whatsoever, on the day of their annual meeting, neglect or omit the causing to be assessed, levied and raised, the whole deficiencies that have happened by any of the means aforesaid, every of them neglecting their duty herein, shall forfeit to the people of this state the sum of five pounds; all which penalties before in this clause mentioned, are to be recovered before any one of the justices of the peace within the county where such forfeiture shall arise; one half to the use of such judge or judges and supervisors of the same county endeavouring to perform their duty herein, who will sue and inform against the others, and prosecute their suit to effect, and the other half to the treasurer of the state, and be applied towards cancelling the bills of credit, in such manner as shall be directed by act or acts of the legislature.

XXX. And be it further enacted by the authority aforesaid, applied to the That all and every the sums of money which may at any time afterwards be recovered by the loan-officers aforesaid, of such persons as have been the occasion of such deficiences as aforesaid, shall be applied to the use of such county, and the judge or judges and supervisors are hereby empowered to take all the lawful way and means, in the name of the said loan-officers, to recover the same.

Duty of ex

devifees,

XXXIV. And to prevent frauds that may happen by ecutors and executors in their non-payment of any part of the money borrowed as aforesaid by their respective testators; Be it further enacted by the authority aforesaid, That if any person or persons who shall become a borrower or borrowers of the bills issued by virtue of this act, shall afterwards make his, her or their last will and testament, in due form of law, thereby devising the premises so mortgaged to any other person or persons, leaving personal estate suffi-' cient to pay his or her debts, with an overplus not other wise in the said will disposed of, and not expressly providing in other manner by the said will, in such case it shall be understood, that the devisor intended that the mortgagemoney in arrear at the time of his death, should be paid out of his personal estate, and his executor or executors shall accordingly be compelled to pay the same thereout, in aid of such devisee or devisees; but in case the said last will was made before the premises were mortgaged, then it shall be understood that the testator's intent was (unless otherwise expressed in such will) that the devisee or devisees should pay the residue of the mortgage-money in arrear at the time of such testator's death; and in case any executor or executors, contrary to the intent of this act, having effects sufficient, shall permit a sale to be

made of the premises mortgaged, such devisee or devi sees may immediately have his, her or their action, either in proper person or by guardian or next friend, if under age, against such executor or executors, and recover double the damages sustained, with costs of suit; and in case any executor or executors shall in such case be a purchaser of the premises so mortgaged or any other in trust for him, or for his use, he or they shall be deemed seised of the premises, for the use of the devisee or devisees, and such executor or executors, and their trustee or trustees, are hereby disabled from making any conveyance thereof from such devisee or devisees; and if any such conveyance is made, the same is hereby declared fraudulent and void against such devisee or devisees.

XXXV. And be it further enacted by the authority aforesaid, That if any person shall falsely swear or affirm in any of the cases where an oath or affirmation is required to be taken by this act, or shall wilfully or knowingly act contrary to the oath or affirmation he has before taken, such offence is hereby declared to be perjury, and the offender, being convicted thereof, shall suffer the pains and penalties of perjury.

XXXVI. And be it further enacted by the authority afore- Books to be said, That the respective loan-officers within this state, for infpecied, &c. the time being, shall permit any person or persons, at seasonable times, to search and view the books of mortgages in their hands and custody, upon their paying one shilling for the search; and the entry of the respective mortgages in the books of the said loan-offices, shall have the like priority, operation and effect, as if such mortgages were registered in the clerk's office of the county in which the lands mortgaged lie.

XLII. And be it further enacted by the authority aforesaid, Directions to That the loan-officers, beginning at the other end of the the loan-offsaid book,* shall insert the minutes of their proceedings therein, to wit:

First. The day they meet, place, house, and loan-officers present.

Second. If any one is absent, they shall, at their next meeting minute the cause of his absence.

Third. Shall enter the hour that every one applies for the loan of money and the sum he applies for.

Fourth. Shall enter down the reason why a prior applicant had not the money according to his application, and the substance of examination for clearing titles and value.

Fifth. Shall enter down the monies received from the treasurer, and the monies delivered to, or received from the loan-officers of another county, and the day when, with a copy of the notice thereof, to be delivered to the treasurer, and when that notice was delivered to the treasurer, and by whom.

This book is a minute book directed to be provided by the 40th fection. E.

cers.

Books to be provided to enter their accounts.

4

Form of their deeds.

Sixth. The last day of their four days of meeting for receiving of monies yearly, they shall enter whose mortgages are foreclosed, and the numbers and sums of them.

Seventh. Shall enter the orders for, and copies of the advertisements for sale, and places at which they are to be set up, and the persons names that are to set them up. Eighth. Shall enter the names of the purchasers of lands and prices sold for, and payment of the overplus to whom it belongs, with the time and witnesses of such pay

ment.

Ninth. In case any principals, or part thereof, are paid in before the times of payment in the mortgages, the whole amount of such principals so paid in, shall be entered in the said book.

Tenth. Shall enter the cause of all suits, and the informations they have received, and of whom, at length, or if too long, refer to them in papers apart, minuting the

substance.

Eleventh. Shall enter their meetings with the judges and supervisors and persons present, together with the minutes of all proceedings of such judges and supervisors, particularly what were the deficiencies laid before them, what measures were taken for assessing and levying such deficiencies, and which of the said judges and supervisors were for assessing, or for neglecting or delaying it.

XLIII. And be it further enacted by the authority aforesaid, That the printer shall also cause to be bound, other twelve books of paper, one of them for the use of each loan-office, about two-thirds of the size of the book of mortgages for the same county, to be delivered as aforesaid with the book of mortgages; and that therein shall be entered all the accounts of the loan-office, that at the beginning there shall be an alphabet, wherein shall be inserted every man's name and the page wherein his account stands, and that this book be kept in the fairest and best method that the loan-officers can, and it is to remain in the custody of him who has the minutes of the mortgages and proceedings.

XLIV. And be it further enacted by the authority afore said, That the deeds to be granted by the loan-officers for any lands to be sold by them, whereof the equity of redemption is foreclosed, shall be in form following, to wit :

THI

HIS INDENTURE, made the Tuesday of in the year of our Lord one thousand seven hundred and between the loan-officers of the of of the. one part, and of the other part: Witnesseth, That the said loan-officers of the of for and in consideration of the sum of to them in hand paid, whereof they ac knowledge the receipt and discharge the said heirs, executors and administrators, thereof for ever, have, pur

to

suant to a law of the state of New-York, entitled An act for emitting the sum of two hundred thousand pounds in bills of credit for the purposes therein mentioned, granted, bargained, sold, released, enfeoffed and confirmed, and by these presents do grant, bargain, sell, release, enfeoff and confirm unto the said heirs and assigns, all that gether with all and all manner of improvements, hereditaments and appurtenances whatsoever to the same belonging, or in any wise appertaining, and alll the estate, right, title, interest, claim and demand whatsoever of the loan-officers of the of and their successors, to the above bargained premises, and every part thereof; to have and to hold the above bargained premises, and every part thereof, with the appurtenances, to the said heirs and assigns, to the sole and only proper use, benefit and behoof of the said heirs and assigns for ever. In witness whereof, the loan-officers of the have hereunto set the seal of their corporation, together with their hands, the day and year above written.

Sealed and delivered in the presence of

To which deed the loan-officers shall affix the seal of the loan-office, and respectively subscribe their names in the presence of two witnesses.

XLV. And be it further enacted by the authority aforesaid, Form of their That upon every sale of lands, the loan-officers shall fill bonds. up one of the loose sheets of blank mortgages, like to the original mortgage, and attest the same as a true copy, under their hands and the seal of the loan-office, and give it instead of the original mortgage for evidence of the title to the purchaser; and the bond to be entered into by the loan-officers shall be in the form following, viz.

K

NOW 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 which payment well and truly to be made and done, we bind ourselves, our heirs, executors and administrators, and every of and them, jointly and severally, firmly by these presents. Sealed with our seals, and dated the day of in the year of our Lord one thousand

1

seven hundred and

THE condition of the above obligation is such, That if the above bounden shall and do well and truly perform the office and duty of one of the loan-officers of the

of and shall demean himself therein without favour, malice or partiality, then the above obligation to be void, otherwise to remain in full force and virtue.

Sealed and delivered in the presence of

XLVI. And be it further enacted by the authority afore- Proceedings said, That in case of the forfeiture of such bond as afore- in fuits on

said, the suit thereon shall be staid, on the defendant's pay- their bonds ing or tendering in court to pay the damages arisen by

VOL. II.

LI

Power of the

common council of

the breach of the condition of the said bond, with the costs to that time; and if judgment be had thereon, a jury shall inquire of the damages according to law.

LIX. And be it further enacted by the authority aforesaid, That all the power and authority by this act given to, and New-York on duties required to be done by the judges and supervisors this fubject. of the several counties of this state, shall be vested in, and exercised by the mayor, aldermen and commonalty of the city of New-York in common council convened, who shall be subject to like forfeitures, so far forth as the matters and things in this act contained relate to the said city and county of New-York, and that the word county, in this act mentioned, shall be construed to comprehend the said city and county of New-York.

An ACT supplementary to an Act, entitled "An Act for emitting the Sum of Two Hundred Thousands Pounds in Bills of Credit for the Purposes therein mentioned.” Passed 5th May, 1786. Sess. 9, ch. 64.

ELEVENTH SESSION. CHAP. XXX. An ACT to take out of Circulation the Bills of Credit emitted by Law, and to emit others as a Substitute.

Mortgagors XIII.

on paying the whole money

and expenfe

reftored to

their eftate in the premises.

Money borrowed from

A

Passed 8th February, 1788. ND be it further enacted by the authority aforesaid, That if at any time before a sale by the loan officers, the respective mortgagors, their heirs or assigns, shall pay to the loan-officers the whole of the monies, by reason of the neglect to bring in and pay which such sale shall have been advertised, together with the expenses of advertising, the loan-officers shall not proceed to a sale; and the several mortgagors and their respective heirs and assigns shall on such payment be, with respect to the equity of redemption, and their estate and right of, in and to the mortgaged premises, restored to and be in the same condition as if there had not been a neglect to bring in and pay the said monies; any thing in the herein recited act to the contrary notwithstanding.

TWELFTH SESSION. CHAP. XXIX. An ACT directing the Treasurer of this State to cancel certain Bills of Credit and Certificates therein mentioned, and for the further Direction of the Loan-Officers.

IV.

Passed 20th February, 1789.

ND be it further enacted by the authority afore

or part