Page:United States Statutes at Large Volume 47 Part 1.djvu/1325

 72d C ONGRESS. SESS. II. C H . 128. FEBRUARY 27, 1933 . SEC. 1344. POWER OF SALE. -A po wer of sale may be conferred by a mortgage upo n the mortgagee or any other person, to be exercised after a breach of the obligation for which the mortgage is a security. SEC. 1345. POWER OF ATTORNEY TO EXECUTE .-A power of attorney to exec ute a mort gage must be in writ ing, subsc ribed , ack nowle dged, or proved, and certified in the manner pr esc ri bed in chapter 22 of this code, and recorded in the office of the registrar of property. CRoss REFE RENCE Authorization, generally, see section 1046. Ante,p.1265. SEC. 1345a. MORTGAGE, WH EN VO ID AS TO THIRD PE RSONS .- A mor t- Mortgage, when v oid g age of property is v oid as against creditors of the mortgagor and as to third person. subsequent pur ch ase rs and encumbrances of the pro pe rty in goo d faith for value, unless it is acknowledged or proved and certified in the manner prescribed in chapter 22 of th is co de, and recorded Ante,p.1164. in the office of the Registrar of Property of the Canal Zone. SEC. 1346 . REC ORDIN G ASS IGNME NT OF MORTGAGE .-An assignment Recording assign- of a mortgage may be recorded in like manner as a mortgage, and meat of mortgage . such record operates as notice to all persons subsequently deriving tit le to the mortg age f rom the assignor. SEC. 1347 . RECORDING ASSIGNMENT OF MORTGAGE NOT NOTICE TO Recordmg assign- ment, not notice to MORTGAGOR .-When the mortgage is executed as sec ur ity for mo ney mortgagor. due, or to become due, on a promissory note, bond, or other instru- ment designated in the mortgage, the record of the asssignment of the mortgage is not, of itself, notice to a mortgagor, his heirs, or personal representatives, so as to invalidate any payment made by them, or either of th em, to the person ho ldi ng su ch note, bond, or % other instrument. SEC. 1348 . MOR TGAGE PASS ES BY ASSI GNMEN T OF DEBT .-The assign- assignment opo ses by ment of a debt secured by mortgage carries with it the security. SEC. 1349 . MORTGAGE, HOW DISCHARGED .-A recorded mortgage How mortgage dis- may be discharged by an entry in the margin of the record thereof, Charged . signed by the mortgagee, or his personal representative or assignee, acknowledging the satisfaction of the mortgage in the presence of the registrar of property, who mu st certify the acknowledgment in f orm substantially as follows : " Signed and acknowledged before me, this 	day of, in the year 	. A. B., Registrar of Prope rty ." SEC. 1350. SAME.-A recorded mortgage, if not discharged as pr o- vided in section 1349, must be discharged upon the record by the officer having custody thereof, on the presentation to him of a cer- tificate signed by the mortgagee, his personal representatives or assigns, acknowledged or proved and certified as prescribed by chap- ter 22 of this code, stating that the mortgage has been paid, satisfied, or discharged. SEC. 1351. DUT Y OF MORTG AGEE ON SA TISFA CTION OF MORTGAGE .- Duty of mortgagee on When any mortgage has been satisfied, the mortgagee or his assignee satisfaction . must imme diate ly, on the dema nd of the mortg agor, exec ute, ackno wl- edge , and deli ver to him a ce rtifi cate of the dis charg e the reof, so as to entitle it to be recorded, or he must, enter satisfaction, or cause sati sfact ion of suc h mor tgage to be ent ered of re cord ; and any mortgagee, or assignee of su ch mortgagee, who refuses to execute, acknowledge, and deliver to the mortgagor the certificate of di s- charge, or to enter satisfaction, or cause satisfaction of the mortgage to be entered, as provided in this chapter, is liable to the mortgagor, or his grantee or heirs, for all damages which he or they may sustain by reason of such refusal, and shall also forfeit to him or them the sum of one hundred dollars. 1301 Power of sale. Power of attorney to execu te. Ante, p. 1164.