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Charitable Institutions; Trust Deeds to Secure Debts.

paid from the support fund of the school; and further, that in case such pupils have no home to which they can be sent for the vacations, the board of commissioners of their county or other proper authority shal! make the necessary provision for their care during vacation.

TITLE XI.

A. 1898, p.

104.

CHAPTER V.

CHARITABLE INSTITUTIONS.

§ 6352. SEC. I. Charitable institutions; §§ 2372-2387 applies to all. The laws of the State of Georgia now applicable to charitable or benevolent institutions for the custody of children, incorporated under Sections 2372-2387 of the Code of 1895, shall be, and the same are extended in their operation and made applicable to orphans' homes and charitable or benevolent institutions incorporated under the laws of said State prior to the adoption of the Act approved December 18, 1894, in the same manner and with the like force and effect in all particulars and regards that the laws of said State now apply to, or regulate or control benevolent or charitable institutions in said State which are incorporated under the provisions of said Act approved December 18, 1894.

SEC. II. Powers and rights of.-Any special rights, powers or privileges granted to or vested in any orphans' home or charitable or benevolent institution incorporated and established under the laws of said State prior to the adoption of said Act of December 18, 1894 [which is codified in §§ 2372-2387 of the Code of 1895], shall not be, and the same are not hereby repealed or revoked, but the additional rights, powers and privileges pertaining to benevolent institutions incorporated under the said Act of December 18, 1894, are in addition conferred upon and given to the said charitable or benevolent institutions which were incorporated or established prior to the adoption of said Act of December 18, 1894.

A 1996 p

TITLE XII.

DEEDS.

CHAPTER I.

TRUST DEEDS TO SECURE DEBTS.

$6253. Petition for enforcement c-Whenever any person or persons have conveyed any real property in this State by deed to a trusted or trustees to secure the payment of any note or notes or other

Trust Deeds to Secure Debts.

debt owing to one or more persons, the rights of the trustee or trustees named in said deed, or their successor or successors in estate, as well as the rights of the holders or owners of the said notes or other debits in such real property, may be enforced in the following manner: The trustee or trustees named in said deed, or their successor or successors in estate entitled to enforce the said deed, may, upon the request of two-thirds in amount of the indebtedness thereby secured but not otherwise, petition to the superior court of the county of the residence of the maker of the deed, or if there be more than one maker, then in the superior court of the county of the residence of either, or if the maker or makers be non-residents of the State, then in the superior court of the county wherein the land or any part thereof conveyed by said deed is located, or to the city court, if any, in such county having jurisdiction of the amount claimed in said. petition, which petition shall contain a statement of the case, the amounts demanded, and a description of the property covered by said deed to secure such demands; whereupon, the court shall grant an order directing the sums demanded in said petition, with interest and costs, to be paid into court on or before the first day of the next term immediately succeeding the one at which such order is granted; which order shall be published once a week for four weeks in some newspaper generally circulated in such county, or served on the maker of said deed, or his special agent or attorney, at least twenty days previous to the time at which the money is directed to be paid in court aforesaid.

76.

§ 6354. Defenses, how pleaded.-When an order for the payment A. 1896, p. of the sums demanded in said petition has been granted as hereinbefore provided for, and the same has been published or served as herein before required, the maker of the deed sought to be enforced, or his special agent or attorney, may appear at the term of the court, at which the money is directed to be paid, on or before the first day of such term, and file his objection to the enforcement of said deed, and may set up and avail himself of any defense which he might lawfully set up in an ordinary suit on the debts or demands secured by such deed, and which goes to show that the petitioner is not entitled to enforce the same, or that the amounts claimed are not due; provided, that the facts of such defense are verified by the affidavit of the maker of such deed, or his special agent or attorney, at the time. of filing the same.

76.

$6355. Death of maker; proceedings.--When the maker of the A. 1896, p. deed is dead, the proceedings to enforce the same may be instituted against his executor or administrator.

76.

§ 6356. Trial term.--When proceedings to enforce such a deed A. 1896, p. are instituted and a defense is set up thereto, as hereinbefore provided, the issues thus raised shall stand for trial at the term at which the defense is made and be tried as other issues are tried in the court in which the said proceedings were instituted.

A. 1896, p. 76.

A. 1896, p.

76.

A. 1896, p. 76.

Deeds to Beneficial Interests.

$6357. Judgments, enforcement of; lien.-When the maker of the deed, after being directed so to do, fails to pay the sums demanded in the petition, with interest and costs, as herein before required, and also fails to set up and sustain his defense against the enforcement of the rights of the trustee and holders or owners of the notes or debts secured by the deed, the court shall give judgment for the amounts which may be due under such deed to be levied of said real property covered thereby, and shall order said real property covered by said deed to be sold in the manner and under the same regulations which govern sheriff's sales under execution, upon such trustee's making and having recorded in the clerk's office of the superior court of the county where the land lies a deed reconveying said real property to the defendant; provided, however, said judgment shall take lien upon said real property prior to any claim or lien, except taxes, whatsoever, arising or created subsequent to the date of such deed to the trustee, if such deed be filed and recorded as now provided by law.

§ 6358. Proceeds of sale; disposition of.-The money arising from the sale of the property brought to sale under the regulations hereinbefore prescribed, shall be paid to the trustee, unless claimed by some other lien in the hands of the officer which in law may have priority over the deed; and when there shall be any surplus after paying the sums due under the said deed or other liens, the same shall be paid to the maker of the deed or his agent.

§ 6359. Installments, where debt is payable in.-If the deed is given to secure debts due by installments, and is enforced before any one of the installments falls due, and there is a surplus of funds as above stated, the court may retain the funds or order the same invested to meet the installments still unpaid.

A. 1899, p.

57.

TITLE XII.

CHAPTER II.

DEEDS TO BENEFICIAL INTERESTS.

§ 6360. Interest deeded for improvement or development.-The owners of property located in this State may create by deed an estate therein and in the improvements made thereon, for the benefit of themselves and such other persons (whether sui generis or not) who may contribute to the improvement or development of said property, and their assigns or transferees, provided the deed creating such estate shall provide for the improvement or development of the property covered thereby and the trustee or trustees therein named and their successors shall have some active duty to perform in and

Deeds to Beneficial Interests.

about the trust property or the management or control of the same; and provided further, that the deed creating such estate shall be recorded within thirty days from the date of its execution in the record of deeds in the office of the clerk of the superior court of the county wherein said property is located. When such an estate is so created, the legal title to the said property and all the property added thereto, or substituted therefor, shall vest and remain in the trustee or trustees named, his or their successors, in accordance with the terms of said deed, with all the powers conferred thereby upon the trustee, and shall not during the continuance of the said estate pass to or vest in the beneficiaries or cestuis que trust, but at the end of twenty-five years from the date of the deed creating such estate the title of such of said property as may then belong to said estate shall vest in the beneficiaries, and if said deed creating such estate so provides, a renewal of said estate may be made at the end of said twenty-five years upon the terms and conditions and in the manner therein set forth for a like period.

§ 6361. Certificates of interests by truslees.—When an estate is so created, and from time to time thereafter, the trustee or trustees shall issue such certificates of beneficial interest as may be provided by said deed to the persons beneficially interested in such estate, or becoming so interested therein in accordance with the provisions of said deed, which certificates shall pass and be transferred as personalty and in the same manner as shares of stock in corporations, and the same shall be subject to levy and sale under attachment or execution or any other process in like manner as shares of stock. And the trustee or person in charge of the estate representing the trustee of said estate shall be subject to the same demand as that provided by section 5430 of the Code for the levying officer to make upon the officers of a corporation. And persons having claims against said estate created as aforesaid may enforce same by suit against the trustee or trustees thereof in like manner as suits against corporations, and service thereof may be perfected by serving the trustee or trustees, if residents of this State, and if not, then by publication, and the venue of such suits shall be the same as that of similar suits against private corporations, but neither the trustees nor the beneficiaries of such estate shall be personally or individually liable therefor except in cases where officers and stockholders of private corporations are now liable under the law.

A. 1899, p. 57.

57.

§ 6362. Duties and Powers of Trustees.-The trustee or trustees A. 1899, p. shall have sole and exclusive management and control of the said property in accordance with the terms and provisions of the deed creating such estate, and the exercise by the trustee or trustees of any power granted or conferred by the said deed, including the power to lease, encumber and sell, when exercised in accordance with the terms and provisions thereof, shall be as valid and effective to all intents and purposes as if said trustee or trustees were the sole and

A. 1898, p.

73.

Banks and Banking.

exclusive owners of the said property in his or their own right. The said trustee or trustees may resign or be removed, and their successors appointed in the manner and in accordance with the terms fixed by the deed creating such estate, and the same rights, powers and title over and to the said property shall belong to and be vested in the new trustee or trustees as are conferred upon the original trustee or trustees by the said deed creating the said estate, and the death of a trustee shall not operate to cast title upon his heirs, devisees, executors or administrators, but the same shall vest in his successor when appointed.

§ 6363. Termination of Trust Estate.--Upon the termination of the estate created as herein provided the legal title to all the property belonging to said estate then undisposed of shall pass to and vest in the persons as shall then be the beneficiaries of said estate, in shares corresponding with their respective interest as beneficiaries.

A. 1898, P, 73.

A. 1898, p.

73.

A. 1898, p.

73.

TITLE XIII.

BANKS AND BANKING.

§ 6364. State Banks, Circulating Notes of.-Without unnecessary delay after the passage of this Act, there shall be issued to the banks and banking associations of this State, circulating notes upon the terms and conditions set forth in the following sections of this Act:

§ 6365. How and by whom prepared.—The Governor, the Treasurer and the Comptroller-General of this State are constituted a Commission authorized and required to cause to be engraved and printed, in a manner best caluclated to guard against counterfeiting, such quantity of circulating notes, in the similitude. of bank notes, in blank, of denominations not greater than One Thousand Dollars or less than One Dollar, as they may, from time to time, deem necessary to carry into effect the provisions of this Act, and of such form as they may prescribe. Before such circulating notes, or any portion of the same, are delivered to a bank, they shall be numbered and registered in proper books to be provided and kept for the purpose in the office of the Comptroller-General, and shall be countersigned by him in the presence of one or more of the Commissioners, so that each denomination of such circulating notes shall be of the same similitude and bear the uniform signature of such register.

§ 6366. How issued.-Wherever any bank or banking association now chartered, or which subsequent to the passage of this Act shall be chartered by this State, shall make application for such circulating notes, said commissioners shall issue to said bank an amount of such notes not to exceed seventy-five per cent. of said bank's paid-up, unimpaired capital stock, and the notes issued shall be, and they are

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