of and from the said office, and shall signify such desire to the council of appointment, the said council, upon being satisfied that such commissioner has faithfully demeaned himself in the discharge of his said office, according to the true intent and meaning of this act, shall thereupon accept of the resignation of such person, and appoint another fit and proper person to supply his place, who shall take the same oath or affirmation, give the like security, be subject to the like penalties, restrictions and regulations, and receive the same salaries and advantages as the other commissioner for that county by virtue of this act are liable, subject or entitled to.

successora.

$14. And be it further enacted, That when a commissioner shall To deliver be appointed and qualified as herein is directed, in the place of a for- books, &c. to mer commissioner, such former commissioner, his executors or administrators, shall, upon demand, deliver to the commissioner appointed in his place, and qualified as aforesaid, all the monies, books and papers that were in such former commissioner's custody, belonging to his office, upon oath before any judge of the court of common pleas; and in case any such commissioner, or his executors or administrators, shall delay or refuse to make such delivery on oath, when demanded as aforesaid, the bond of such former commissioner shall be forfeited.

an absolute

lands.

$15. And be it further enacted, That if any borrower shall neg- Commissionlect to bring in and pay, or cause to be brought in and paid, yearly ers Reised of and every year, on the first Tuesday in May, or within twenty-two estate in days thereafter, on one of the days which the commissioners aforesaid are by this act directed to attend their respective offices, the yearly interest due by his mortgage, and also the principal when demanded as aforesaid, then and in either of these cases, the commissioners to whom such mortgages was granted, shall be seised of an absolute, indefeasible estate in the lands, tenements and hereditaments thereby mortgaged to them, their successors and assigns, to the uses in this act mentioned, and the mortgagor, his or her heirs or assigns, shall be utterly foreclosed and barred, of all equity of redemption of the mortgaged premises, any law, usage or custom or practice in courts of equity to the contrary notwithstanding.

$16. And be it further enacted, That the commissioners shall re- When to respectively attend their office every year, to receive the monies by this ceive monies. act directed to be paid to them, upon the first Tuesdays of May, and thereafter on the Tuesday in each week for the space of three weeks.

$17. And be it further enacted, That the commissioners shall, Lands to be within eight days after the last Tuesday of their attendance as afore- advertised. said, yearly and every year, cause advertisements to be fixed up, at not less than three of the most public places of the county where the premises are situate, describing the quantity and situation of the lands mentioned in the several mortgages foreclosed as aforesaid, and giving notice that on the third Tuesday in September, in the same year, they are to be sold at the court-house of the respective counties where the lands lie, (by way of public vendue, to the highest bidder,) and they shall also cause such notice to be given in at least one of the public newspapers in the county, if any such there be.

When lands to be sold.

In what case to be leased.

to be sold.

$18. And be it further enacted, That the commissioners of the respective counties aforesaid, shall, on the third Tuesday of September yearly, expose the lands in the mortgages foreclosed as aforesaid, to sale at public vendue; and upon such sale, shall convey the said lands to the highest bidder or bidders, and the purchaser or purchasers shall and may hold and enjoy the said lands, for such estate as was conveyed to the said commissioners by the mortgages executed by such mortgagor, clearly discharged and freed from all benefit and equity of redemption, and all other incumbrances made and suffered after the execution of such mortgage by the mortgagor, his or her heirs or assigns, and such purchaser or purchasers shall pay the commissioners for drawing and executing such conveyance, the sum of one dollar.

$ 19. And be it further enacted, That when any lands, tenements or hereditaments, mortgaged to the commissioners according to this act, shall be set up for sale as aforesaid, and no person shall bid or offer at such sale to give for the same lands, tenements and hereditaments, the sum of money for which the same were mortgaged, and then remaining unpaid, with the interest then due thereon; or if any person to whom any such lands, tenements or hereditaments, shall at any such sale be struck off, shall not pay for the same, then and in every such case, the commissioners shall enter into and take possession of the lands, tenements and hereditaments, and let the same upon the best terms they can, for the benefit of the state, until the third On what day Tuesday in April then next, and shall on the same third Tuesday in April, sell the same lands, tenements and hereditaments, at public vendue, to the highest bidder, giving at least six weeks' notice of such sale in manner directed by this act; and if upon such sale no person shall bid or offer to give for the same lands, tenements and hereditaments the sum of money for which the same were mortgaged and then remaining unpaid, with the interest then due thereon, or if any person, to whom any such lands, tenements or hereditaments shall at any such sale be struck off, shall not pay for the same, then and in every such case the said commissioners shall purchase and hold the same for the benefit of the people of the state; but if the mortgagor or his or her heirs or assigns, shall, at or before the sale of the mortgaged premifore sale of ses, pay to the commissioners, all such sums as shall be payable on such mortgage, on the first Tuesday of May then next, for principal and interest, together with the charges of advertising the same, then the said commissioners shall accept the same, and permit the said owner, or his or her heirs or assigns, to take possession of the said mortgaged premises and to hold the same, until default shall be made in payment of any further sum on the said mortgage.

Mortgagor

may pay money due bo

land.

Money re ceived on mortgaged premises,

how disposed of, &c

$ 20. And be it further enacted, That the money for which the premises are sold, shall upon the sale thereof, be paid to the said commissioners, out of which they shall retain in their hands the amount of the principal then due, together with the interest which would have been due thereon on the first Tuesday of May next thereafter, if such sale had not been made, as also the expense of the advertisements and of the sale, such expense not exceeding three dollars, and the remainder, if any be, the commissioners shall pay to the mortgagor, his or her heirs or assigns: Provided always, That if any person or persons

offer, at the time of such sale, to borrow, on sufficient security within this act, the whole principal that is to be retained out of the price and lent out again, then and in that case the commissioners shall not retain interest beyond the day of sale: Provided also, That if the purchaser inclines to borrow the principal sum or sums that is or are to be paid by him or her and lent out again, and if the commissioners be satisfied with the security to be given by such purchaser, in manner aforesaid, such purchaser shall be preferred to any other borrower: Provided likewise, That the commissioners shall not be obliged to take notice of any assignee of the mortgagor, unless they enter a notice of their right with the said commissioners at or before the time of sale, which notice the commissioners shall enter on the mortgage and minute thereof on demand, the assignee paying twenty-five cents for the same, and the assignees shall be preferred according to the priority of

their entries of such notices.

be commenced on cove

gages.

$21. And be it further enacted, That after any lands, tenements Actions may or hereditaments are mortgaged, according to the directions of this act, if it shall appear to the commissioners, upon good and sufficient ants in mortgrounds, which they shall insert in the minutes of their proceeding, that the mortgagor had no good right or title to the premises mortgaged, or has otherwise broken the covenant of his mortgage, so that the public may be in danger of losing the monies, or any part thereof, advanced in loan upon the credit of the premises, it shall and may be lawful to and for the said commissioners, and they are hereby empowered and required, to commence an action or actions of debt, or Covenant upon the said mortgage, against the said mortgagor, his or her heirs, executors or administrators, and the same to prosecute to judgment, by all lawful ways and means whatsoever, in any court of record, for the recovery of the whole monies lent upon the mortgage, and the interest become due or that shall become due for three months next following the judgment, with costs and charges; in which action or actions the mortgagor shall be held to special bail, and the court in which such actions are brought, and the judges thereof in vacation, are hereby authorised and directed to give such short day for the rules of pleading thereon, that judgment or a trial and final determination may be had the first court, after the court at which the defendant first appeared to the same action.

ers

$22. And be it further enacted, That the commissioners in the Commissioncity and county of New-York, and in the several counties in this state, to comptrolshall, on the first Tuesday in December next, and on the first Tues- ler, &c. day in June, in every year thereafter, render an account to the comptroller of the monies by them received, and of the sales of all lands by them made by virtue of the power and authority vested in them by this act, and of all deficiencies which may happen by such sales or otherwise howsoever; that whenever and as often as it shall appear to the comptroller 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 report thereof to the legislature at their next session.

$23. And be it further enacted, That if any monies shall remain Monies afin the hands of the commissioners, for want of borrowers, four weeks terwards re

applied.

ers to pay in

covered, how after the first day appointed for letting it out, then it shall be lawful for them to let out the same, on good security as aforesaid, by mortgage on improved lands in the same county, as aforesaid, to any person who will borrow the same in any sum above five hundred dollars. Commission- $ 24. And be it further enacted, That the said commissioners terest to state shall, on or before the first Tuesday in July, in every year, pay to the treasurer of this state, the interest of the sums committed to their charge respectively, at the rate of six per cent. per annum, and the residue of the interest, which they may receive from the individuals who borrowed, they are authorised to retain in their hands, as a compensation for their services.

treasurer.

Where commissioners' offices to be held, &c.

False swear

ing, perjury.

Commissioners' books of mortgages, may he

searched, &c.

Form of mortgage.

$25. And be it further enacted, That the respective offices of the said commissioners in this state, shall be kept at the court-house of each respective county, and where there are two court-houses, at such as the commissioners shall choose, and where there is no court-house, at the place where the court of common pleas shall be held in the same county, or at some convenient place near the same; and the respective commissioners of this state, shall, as soon as they receive the said monies from the treasurer, set up advertisements of the first day of their attending their offices, for the purpose herein before mentioned, and shall duly attend the same on that first day, and on every Tuesday and Wednesday in every week, for the space of four weeks thereafter, if there be occasion.

$26. And be it further enacted, 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 and knowingly act contrary to any oath or affirmation he has taken in pursuance of this act, such offence is hereby declared to be perjury, and the offender being convicted thereof, shall suffer the pains and penalties as in cases of wilful and corrupt perjury.

$27. And be it further enacted, That the respective commissioners shall permit any person, at seasonable times, to search and view the book of mortgages, and any other book required by this act, in their hands and custody, upon paying twelve and an half cents for the search; and the entry of the respective mortgages in the books of the said commissioners, shall have the like priority, operation and effect, as if such mortgages were registered in the office of the clerk of the county, in which the lands mortgaged lie.

$28. And be it further enacted, That for the greater uniformity in the securities to be taken by the commissioners, for the money to be lent by virtue of this act, the mortgages shall be in the form following, to wit: "This indenture, made the in the year of our Lord county of

between

of

day of

in the

of the first part, and the commissioners for loanof the second part, witnesseth,

ing money of the county of
That the said

to

for and in consideration of the sum of well and truly paid by the commissioners aforesaid, hath granted, bargained, sold, aliened, released, enfeoffed and confirmed, and by these presents doth grant, bargain, sell, alien, release, enfeoff and confirm to the commissioners aforesaid, and their successors and assigns for ever, all that together with all, and all manner

for

of improvements, hereditaments, and appurtenances whatsoever, to
the same belonging, or in any wise appertaining, and all the estate,
right, title, interest, claim and demand whatsoever of the said
of, in and 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, unto the said commissioners, and
their successors and assigns for ever, and for the uses and purposes
mentioned in an act of the legislature of the state of New-York, en-
titled 'An act for loaning monies to the citizens of this state:' Pro-
vided always, and these presents are upon this condition, that if the
said
heirs, executors, administrators or assigns, shall pay, or
cause to be paid, to the said commissioners the interest of the said
sum of
at the rate of seven per cent. per annum, on the first
Tuesday of May yearly, and every year, and shall also pay to the said
commissioners the said principal sum of
with all the interest
then due for the same, when the same shall be by them demanded, at
any time after the first Tuesday of May, which will be in the year of
our Lord 1815, then the above grant, bargain and sale, and every ar-
ticle and clause thereof, shall be void; but if failure be made in any
of the payments above mentioned, then the above bargain and sale is
to remain in full force and virtue; and the said
heirs
and assigns, hereby agree to be absolutely barred of and from all
equity of redemption of the premises, after the expiration of twenty-
two days after such failure; and the said for heirs, execu-
tors, administrators and assigns, hereby covenant, grant and agree to
and with the said commissioners and their successors, well and truly
to pay to them the interest of the said sum of
at the rate
aforesaid, annually, on the first Tuesday of May in every year, and
the said principal sum of
with all the interest then due thereon,
when demanded as aforesaid, after the first Tuesday of May, which
will be in the year 1815; and that at the time of sealing and deli-
vering of these presents, the said
lawfully seised of the
above bargained premises, of a good, sure, perfect, absolute and inde-
feasible estate of inheritance; and that the same now are free and
clear of and from all former and other gifts, grants, bargains, sales,
liens, judgments, recognizances, dowers, rights of dower, and other
incumbrances whatsoever; and also, that the above bargained premi-
ses upon the sale thereof, pursuant to the directions of the said act will
yield the principal and interest aforesaid, remaining unpaid at the
time of such sale, and until the first Tuesday of May next after such
sale, together with the charges of such sale. In witness whereof, the
said
ha hereunto set hand and seal the day and
year above written. Sealed and delivered in the presence of us."

mortgages to

$ 29. And be it further enacted, That the printer to the state, Number of shall print ten thousand copies of the said mortgage, and bind so ma- be printed. ny of them in a book, together with six leaves of clean paper, for an alphabet, for the use of the commissioners of each county, that there may be a mortgage for every fifty dollars given to the commissioners of that county, and the number remaining he shall give in loose sheets, to be distributed in the like proportion to the commissioners of each county, in order (if there should be any occasion) to give attested copies of the original mortgage to the purchasers of any of the mort