4G5 



With respect to the bondholders' lien which is said to exist 

 upon this, as well as upon all other part lands, the Commis- 

 sioners are more than ever satisfied that it is so strictly tech- 

 nical in its character that it can never operate injuriously upon 

 a sale of the property. In addition to their own views of this 

 matter expressed in their last annual report, the Commissioners 

 refer with pleasure to the decision of the Court of Appeals, 

 corroborating their opinion of the position in which a purchaser 

 will stand after the consummation of a sale. It is true, say 

 the court, that a technical lien subsists, but there is no danger 

 that the premises will ever be called upon to contribute to the 

 payment of these bonds. The probabilities are, that, with the 

 wealth concentrated within the corporate bounds of the city of 

 Brooklyn, and with the ample means at its command, the city 

 will always find the ordinary method of raising money by tax 

 sufficient for its payment. 



Since the decision of this case, the Legislature has shown 

 its appreciation of the objection referred to, by removing the 

 restriction which the law imposes upon all savings' banks, 

 insurance and trust companies throughout the State, of making 

 loans upon property subject to any species of incumbrance. 

 The act passed April 21st, 1871, for the express purpose of 

 facilitating mortgage loans upon this particular property, de- 

 clares that it shall be lawful for the several savings' banks, 

 insurance and trust companies of this State to make mortgage 

 loans upon such portions of Prospect Park, in the city of 

 Brooklyn, as the Brooklyn Park Commissioners are authorized 

 to sell, notwithstanding any lien of bonds issued by said city 

 for the purchase and improvement of said park. Provided, 

 however, that the lands so to be mortgaged are otherwise un- 

 incumbered, and that loans so to be made shall not exceed the 

 amounts which such institutions are now authorized by law to 

 loan on real estate. The effect of this law, combined with the 

 city's full warrantee of title on every sale made, cannot, the 

 Commissioners think, be otherwise than sufficient to restore 

 entire confidence to purchasers for investment, as well as to 

 capitalists, in the advancement of such means as may be re- 

 quired for the improvement of this growing section of our 

 city. 



The Commissioners, in their last report, referred to a delay 

 30 



