40 LEGAL INSTRUCTOR. 



MORTGAGES. 



A mortgage is the conveyance of property, subject to 

 rights of redemption. 



A mortgage made to secure the purchase-money, will 

 take the preference of any other mortgage. 



A mortgage on personal property, made io secure the 

 payment of any money except the purchase-nioney, 

 should be accompanied by the delivery of the goods to 

 the mortgagee, and be followed by his continued posses- 

 sion of the property. 



A mortgage on personal 'property may be available 

 security, even if the possession of the property is not 

 changed ; provided the requirements of law are complied 

 with, and there is no previous mortgage, and it can be 

 made to appear that such mortgage was given for a val- 

 uable consideration, and without intent to defraud credi- 

 tors. 



All mortgages made \^ ith intent to defraud creditors 

 are void. 



Mortgages on personal property, where the possession 

 is not changed, occasion innumerable suits at law^ 



In Maine, the property mortgaged, should be delivered 

 to, and retained by the mortgagee, and the mortgage 

 should be recorded in the office of the clerk of the town 

 in which the morigager resides. 



In Massachusetts. Connecticut, and several other 

 States, mortgages on personal property, when the mort- 

 gager retains possession, must be recorded by the clerk 

 of the town where the mortgager resides, and in the 

 town where he principally transacts his business. 



In New York State, a mortgage on real property must 

 be recorded in the clerk's office of the countv where the 



