Page:United States Statutes at Large Volume 47 Part 1.djvu/1322

 1298 Creation d oes not imply personal obliga- tion. Poet, pp. 1299, 1300. 1305 . Extent of. Hol der not entitled to compensation. Amte, p. 1242. Priority of liens . O rder of res ort different funds. Peat, p . 1338. Redemption from liens. Rig ht to redeem ; subrogation .' Post, p. 1308. 72d CO NGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . SEC. 1321. CREATION OF LIEN DOES NOT IMPLY PERSONAL O BLIGATIO N : The creation of a lien does not of itself imply that any person is bound to perform the act for which the lien is a security. Cao ss REFERENCE s ee, also, sections 13 29, 1341, and 1381. SEC. 1322 . EXTENT OF LIEN.-The existence of a lien upon property does not of itself entitle the person in whose favor it exists to a lien upon the same property for the performance of any other obli- gation than that which the lien originally secured. SEC. 1323. HOLDER OF LIEN NOT ENTITLED TO COMPEN SATION -On e who holds property by virtue of a lien thereon is not entitled to com- pensation from the owner thereof for any trouble or expense which he incurs respecting it, except to the same extent as a borrower, under sections 805 and 806. PRIORITY OF LIENS SEC. 1324. Piuonrrr of LIENS.--Other things being equal, different liens upon the same property have priority according to the time of their creation, except in cases of bottomry and respondentia. to SEC. 1325. ORDER OF RESORT TO DIFFERENT FUNDS-Where one has a lien upon several things, and other persons have subordinate liens upon, or interests in, some but not all of the same things, the person having the prior lien, if he can do so without risk of loss to himself or of injustice to other persons, must resort to the property in the following order, on the demand of any party interested 1. To the things upon which he has an exclusive lien ; 2 . To the thing s which are subj ect to the fewes t subordinate li ens ; 3 . In like manner inversely to the number of subordinate liens upon the same things ; and 4 . When several things are with in one of the fo regoing classes, and subject to the same number of liens, resort must be had- (1) To the things which have not been transferred since the prior lien was created ; (2) To the thins which have been so transferred without a valuable consideration ; and (3) To the things w hich hav e been s o transf erred fo r a valu able consideration in the inverse order of the transfer. Caoss Rsmxasxeos Marshalin g of assets , see secti on 1658. REDEMPTION FROM LIENS SEC. 1326. RIOT To REDEEM suBRoGATIoN .--Every person, having an interest in p roperty subject to a lien, has t he right to redee m it from the lien at any time after the claim is due and before his r ight of redemption is foreclosed, and, by such redemption, becomes sub- rogated to all the benefits of the lien, as against all owners of other interests in the property, except in so far as he was bound to make such redemption for their benefit. Ca oss R EFEW NCm Pledgor's right of redemption may be foreclosed, see section 1392.