Page:United States Statutes at Large Volume 47 Part 1.djvu/1326

 1302 Contracts of hot- tomry or respondentia not affected. Mortgages of per- son al pro perty. What may be mort- gaged. Post, P . 1303 . Mortgage of stock in trade. Form of personal mortgage. When void as to third persons. Ante, p. 1164. Recording books for. Removing mortgaged property from Zone. How foreclosed. Post, p. 1305. Post, p. 1306. Post, p . 1305. 42d CONGRESS. SESS. IL CH. 128. FEB RUARY 27, 1933 . SEC. 1352. PROVISIONS OF THIS CHAPTER DO NOT A F>sCT BOTTOMRY OR RESPONDENTIA .-Contracts of bo ttomr y or respo ndent ia, a lthou gh in the na ture of mo rtgag es, are not aff ected by any of the provi sions of this chapter. MORTGAGES CF PERSONAL PROPERTY SEC, 1353 :WHAT PERSONAL PROPERTY MAY BE MORTGAGED .- Mort-gages may be mad e upo n all grow ing c rops, incl uding frui t, and upon any and all kinds of personal property, except articles of wearing apparel and personal adornment. CRO SS REFERENCE As to the validity of mortgages on excepted property, see section 1366 . SEC. 1354 . MORTGAGE OF STOCK IN TRADE OF ME RCH AN T .-Where a mortgage is made upon the stock in trade of a merchant, it shall be d eemed , in the a bsenc e of a con trary inte ntion , to cover good s subsequently acquired ; and purchasers from the mortgagor in go od fa ith and in the usu al course of business sha ll not be liable to the mortgagee. SEC. 1355 . FORM OF PERSONAL MORTGAGE .-A mortgage of personal property may be made in substantially the following form Thi s mortgage, made the day of -, in the year -, by A B, of , by occupation a -, mortgagor, to C D, of by occupation a -, mortgagee, w itnes seth That the m ortga gor m ortga ges to the mort gagee (her e des cribe the prope rty), as s ecuri ty for the paym ent to him of dollars, on (or before) the day of -, it he ye ar -, with interest ther eon ( or, as sec urity for the p aymen t of a not e or oblig ation, desc ribin g it, and so fo rth) A B. SEC. 1356. WHEN VOID AS TO THIRD PERSONS .-A mortgage of per- sonal property is vo id as against creditors of the mortgagor and subsequent purchasers and encumbrancers of the property in good faith and for value, unless 1. It is accompanied by the affidavit of all the parties thereto that it is made in good faith and without any design to hinder, dela y, or defr aud c redit ors ; 2. It-is acknowledged or proved and certified in the manner pre- scrib ed in chap ter 22 of this code, and recor ded in the offi ce of the registrar of property of the Canal Zon e. SEC. 1357. BOOKS TO BE KEPT FOR PERSONAL MORTGAGES :Mortgages of personal pro pe rty m ust be recorded in books kep t for personal mortgages exclusively. CROS S REFERENCE Manner of acknowledging, proving, certifying, and recording, see section 1356. SEC. 1359 . REMOVING MORTGAGED PROPERTY FROM ZONE :NO mort - gago r sha ll re move or pe rmit the r emova l of mortg aged prope rty fr om the Can al Zo ne wi th out the wr itt en co ns ent of the mortgagee. SEC. 1360 . How FORE CLOSE D .-A mortg agee of pe rsona l pro perty , when the debt to secure which the mortgage was executed becomes du e, may foreclose the mortgagor's ri ght of redemption by a sa le of the property, made in the manner and upon the notice prescribed by c hapte r 64 of th is co de on " pledge," or by proceedings under the Cod e of Civil Proc edure. CROSS REFERENCES Ac tual notice required, see section 13 83 . Sale of pledge, see sections 13 81 et se q. I