The ascertained losses from defects in title, arc as follows, viz. Delaware county, Darius Smith, jr.,............ Dutchess county, Philo Dibble, (1835,)........................................ .... Jefferson county, Stephen Abbott, (sce chap. 259, Laws of 1823,) principal,.... $135 88 $36 00 1,000 00 65 00 The statement annexed to this report, and marked A, contains a list of the names of the persons whose lots have been purchased by the Commissioners of Loans, and by them released to the State, in cases where the mortgagor neglected to pay interest, together with the date of the original mortgage, the amount loaned, the date of release to the State, and the amouut of principal realized in each case on the sale of the premises by the Commissioncrs of the Land-Office. In many cases there may have been a loss of interest from the date of the release to the time of the sale of the lands by the Commissioners of the Land-Office; and on the other hand, the State may have received something for the rent of the lands for the period referred to. The precise state of the account in relation to the loss of interest, and rent received, cannot be readily ascertained. In the case of Alexander Boyd, and others, of Schoharie, for a loan of $1,500, all the back interest was paid up as well as the amount of principal of the original loan. The amount of principal due on the mortgages which have been foreclosed, as shown by the statement referred to, is $11,000 76 Amount received into the treasury on ac count of resales, by the Commissioners There may be some cases where the Commissioners have bid in lands and omitted to execute releases to the people; although they have heretofore been furnished with blank releases and instructed to execute and return them to the Comptroller's office in all cases where lands are bid in by them on foreclosures of mortgages. The amount of the outstanding loan of 1808, is believed to be generally in a sound condition. The supervisors are required annually to examine the mortgages taken by the Commissioners of Loans, and to report to the Comptroller the condition of the same, and of the accounts of the Commissioners of Loans. In a few cases, remarks are made in these reports unfavorable to certain mortgages; in some of the cases the Commissioners have been instructed to require additional security; and in some cases there may be losses. The latter cases, however, it is believed arc few in number and inconsiderable in amount. Respectfully submitted. A. C. FLAGG. |