Page:United States Statutes at Large Volume 76A.djvu/322

–226– -226Subchapter VI—Extinction of Liens § 4071. Lien as accessory to act whose performance it secures A lien is to be deemed accessory to the act for the performance of which it is a security, whether any person is bound for the performance or not, and is extinguishable in like manner with any other accessory obligation. § 4072. Extinction by sale or conversion The sale of any property on which there is a lien, in satisfaction of the claim secured thereby or in case of personal property, its wrongful conversion by the person holding the lien, extinguishes the lien thereon. § 4073. Extinction under statute of limitations A lien is extinguished by the lapse of the time within which, under Title 5, an action may be brought upon the principal obligation. § 4074. Partial performance The partial performance of an act secured by a li^a does not extinguish the lien upon any part of the property subject thereto, even if it is divisible. § 4075. Restoration of property as extinguishing lien dependent upon possession The voluntary restoration of property to its owner by the holder of a lien thereon dependent upon possession extinguishes the lien as to the property, unless otherwise agreed by the parties, and extinguishes it, notwithstanding any such agreement, as to creditors of the owner and persons subsequently acquiring a title to the property, or a lien thereon, in good faith, and for value. CHAPTER 99—MORTGAGE SUBCHAPTER I—QENEBAI. PROVISIONS See.

4111. Definition of mortgage. 4112. Formalities of creation. 4113. Lien of mortgage as special. 4114. Transfer as creating mortgage or pledge. 4115. Proof of transfer made subject to defeasance on a condition. 4116. Extent of mortgage lien. 4117. Possession of mortgaged property. 4118. Mortgage not a personal obligation. 4119. Waste. 4120. Subsequent acquisition of title by mortgagor. 4121. Power of sale. 4122. Power of attorney to execute. 4123. Validity of mortgage with respect to third persons. 4124. Recording assignment of mortgage; notice. 4125. Recording assignment of mortgage not notice to mortgagor; validity of payments. 4126. Mortgage passes by assignment of debt. 4127. Discbarge; marginal entry; form. 4128. Same; recording certificate of payment, satisfaction, or discharge. 4129. Duty of mortgagee on satisfaction of mortgage. 4130. Bottomry and respondentia excluded from chapter. SUBCH.\PTEB II—MORTGAGES OF PERSONAL PROPERTY

4151. 4152. 41.'>3. 4154.

Mortgageable personal property. Stocli In trade of merchant. Form of personal property mortgage. Essentials for validity as to third persons.

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