Page:United States Statutes at Large Volume 47 Part 1.djvu/1323

 72d CONGRESS. SESS. II. CH. 12 8. FE BRUA RY 27, 1933 . SEC. 1327. RIGHTS OF INFERIOR LIENOR .-One who has a lien infe rior Righ ts of inf erior to another, upon the sa me property, has a right : ,. Rights 1 . T o redeem the property in the same m anner as its owner might, from the superior lien ; and 2 . To be subrogated to all the benefits of the superior lien, when necessary for the protection of his interests, upon satisfying the c laim secur ed thereby. SEC. 1328. REDEMPTION FR OM L IEN, How M ADE .-Redemp tion from Redemption from a lien is made by perform ing, or offering to per form, the act for lien, how made . the perfo rmance of which it is a security, and paying, or offering to pay, the damages, if any, to which the holder of the lien is entitled for delay. CROSS REFMENCE -Offer to' perform, see section 453. EXTINCTION OF LIENS SEC. 1329 . LIEN DEEME D ACC ESSOR Y TO THE ACT W HOSE PERFO RM- ANCE IT SECURES .-A li en i8 to be deemed accessory to the act for the perfo rmance of which "it is a security, whether any person is bound for such performance or no t, and is extinguishable in like manner with any other accessory obligation . Cross REFERENCE Ante, p . 1186. Extinction of liens. 1299 Lien dee med acc es . sory to the act whos e performance it secures ., Assignment of debt, see section 1348 . Post, p.1301. SEc . 1330. EXTINCTION BY SALE OR CONVERSION .-The sale of any Extinction by sale or property on which there is a lien, in satisfaction of the claim secured conversio n . thereby or in case of personal property, its wrongful conversion by the per son hol din g the lien, extinguishes the lie n thereon . CRoss REFERENCE Sale of property by lien holder, see se ction 1395 . Post, p . 1307. SEC . 1331 . LIEN EX TINGUISHED BY LAPSE OF TIME UNDER STAi UrH By lapse of time . OF LIMITATIONS .-A lien is extinguished b~ the lapse of the time within which, under the provision s of the Code of Civil Procedure, an action can be brought upon the princip al obli gation. SEC. 1332 . APPORTI ONMENT OF LIEN .- The pa rtia l p erf orma nce of an act secured by a lien does not extinguish the lien upon any part of the property subject thereto, ev en if it is divisible. SEC. 1333. WHEN RESTORATION EXTINGUISHES LIEN .-The voluntary rest ora tio n of pr ope rty to its ow ner by the holder of a lie n th ere on dependent upon possession extinguishes the lien as to su ch prop- erty, unless otherwise agreed by the parties, and extinguishes it, notwithstanding any such agreement, as to creditors of the owner and perso ns subse quently acquirin g a titl e to the proper ty, or a lien the re on, in good fa ith, and for value. Apportionment of lien. Restoration extin- guishes lien. CROSS REFERENCE Lien dependent on possession, see section 1393 . Post, p. 1306. CHAPTER 63 .-MORTGAGE MORTGAGE. MORTGAGES IN G ENER AL In general. SEc. 1334 . MORT GAG E, WHAT .--Mortgage is a contract by which Definition. specific property is hypothecated for the performance of an a ct, without the neces sity of a change of possession.