Page:United States Statutes at Large Volume 47 Part 1.djvu/1324

 1300 To be in writing. Lien of, when special. Transfer made sub- ject to defeasance, may be proved. 72d C ONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . CROS S RE FEREN CE Actual tr ansfer of po ssession of personalty wo uld change i t into a ple dge, see section 1337. SEC. 1335 . To BE IN WRITING .-A mortgage can be created, renewed, or extended, only by writing, subscribed by the party to be charged or by his agent thereunto authorized in writing. SEC. 1336. LIEN OF A MORTGAGE, WHEN SPECIAL .-The lien of a mortgage is special, unless otherwise expressly agreed, and is inde- pendent of possession. CROS S REF ERENC E Ante, p. 1297. Speci al lien, defin ition, see sec tion 13 12. Transfer, when mort. SEC. 1337. TRAN SFER, WHEN M ORTGAGE, WH EN PLEDGED .-Every gage, when pledge. ~ 7 transfer of an interest in property, other than in trust, made only as a security for the performance of another act, is t o be deemed a mortgage, except when it is accompanied by actual change of posses- sion, in which case it is to be deemed a pledge. CROSS REFE RENCE Deed absolute on its face, when a mortgage, see section 1338. SEC. 1338 . TRANSFER MADE SUBJECT TO DEFEASANCE MAY BE PROVED.-The fact that a transfer was made subject to defeasance on a condition, may, for the purpose of showing such transfer to be a mortgage, be proved (except as against a subsequent purchaser o r enc umbra ncer for value and with out n otice ), t hough the fact does not appear by the terms of the instrument. CROSS REFE RENCE Transfer, when mortgage, when pledge, see section 1337. Mortgage as lien. SEC. 1339 . MORTGAGE, ON WHAT A LIEN .-A mortgage is a l ien upon everything that would pass by a grant of the property. CROSS RE FERENCES Ante, p. 1152. Fixtures, generally, see section 188. Post, p. 1303. Growing crops, see section 1365. Right to posse ssion. SEC. 1340. MORTGAGE DOES NOT ENTITLE MORTGAGEE TO POSSESSION. - A mortgage does not entitle the mortgagee to the possession of the property, unless authorized by the express terms of the mortgage ; but after the execution of the mortgage the mortgagor may agree to such change of possession without a new consideration. CROSS REFERENCE Ante, p. 1299. Mo rtgagee's possessi on, see s ections 1 334 and 1336. Mortgage not a per- SEC. 1341 . MORTGAGE NOT A PERSONAL OBLIGATION .-A mortgage sonar obligation. does not bind the mortgagor personally to perform the act for the performance of which it is a security, unless there is an express covenant therein to that effect. Waste. SEC. 1342 . WASTE .-No person whose interest is subject to the lien of a mort~age may do any act which will substantially impair the mortgagee s security. Subsequently ac- SEC. 1343 . SUBSEQUENTLY ACQUIRED TITLE INURES TO MORTGAGEE .- mortgagee .ei mores to Title acquired by the mortgagor subsequent to the execution of the mortgage, inures to the mortgagee as security for the debt in like manner as if acquired before the execution.