Page:1889 North Dakota Session Laws.pdf/143

 gagor and mortgagee fail to agree vpon a place of sale, then such sale shall be made at one of the places designated by the county boards; and, Provided, further, That growing or harvested crops, grain in bulk, or buildings may be sold under the provisions of this act without moving the same to the place of sale."

§ 2. That Section 8, of said act be amended to read as follows:

"Sec. 8. DISPOSITION OF PROCEEDS.] Out of the proceeds arising from the sale the officer making the sale shall pay first the costs and expenses of the foreclosure: second, shall pay the person or persons entitled thereto the amount of the mortgage debt and tbird shall pay the balance, if any there be, to the owner of the mortgaged property. And when any chattel mortgage shall have been paid in any manner, the mortgagee or person owning said mortgage shall cause the same to be released of record within sixty days after such payment shall be made, and any person refusing or neglecting for sixty days to release or cause said mortgage to be released, shall be subject to a penalty of ten (10) dollars, to be recovered in a civil action, and when collected the same shall be paid into the school fund. It shall be the duty of the state's attorney to sue for said penalty in the name of the State and to prosecute such action."

§ 3. EMERGENCY.] There being an emergency in this that there is no adequate existing law on this subject, therefore, this act shall take effect and be in force from and after its passage and approval.

Approved March 18, 1890.

CHAPTER 41.

[H. F. 247.]

RENEWAL OF CHATTEL MORTGAGES.

AN ACT to Amend Section 1, Chapter 25, of the General Laws of 1881, Being Section 4383 of the Compiled Laws.

Be it Enacted by the Legislative Assembly of the State of North Dakota:

§ 1. WHEN MORTGAGE CEASES TO BE VALID. ] That a mortgage of personal property shall. unless duly renewed as provided in Section 2 of this act, cease to be valid as against the original mortgagee and mortgagor, his heirs or assigns, and against any attaching or execution creditor of the mortgagor or any subsequent purchaser or mortgagor of the property, in good faith, whether the title of such purchaser shall vest, or the lien of such creditor or mortgagee shall attach, prior or subsequent to the expiration of