Pennsylvania Act 1885-123 — MORTGAGES, ASSIGNMENT OF

Act text

MORTGAGES, ASSIGNMENT OF
                 Act of Jun. 24, 1885, P.L. 157, No. 123              Cl. 68
                                  AN ACT

     Relating to the assignment of mortgages and other obligations.

        Section 1.  Holders of mortgages may be required to assign
     the same in certain cases
        It shall and may be lawful for any person or persons, natural
     or artificial, holding lands encumbered by mortgage, judgment,
     recognizance or other security, so encumbered by any previous
     owner or owners, after such money shall have become due and
     payable, his or their agent or attorney, to tender to the holder
     of any such mortgage, judgment, recognizance or other security,
     such sum of money as shall or may be due by virtue thereof, to
     such holder or holders, including interest and costs, and to
     require the said holder or holders to assign and transfer, to
     such person or persons as the owner or owners of such incumbered
     premises may name, such mortgage, judgment, recognizance or
     other security, in the following cases:
        I.  Where lands and tenements, or any interest in possession,
     belong to a minor or minors, and it shall be made to appear to
     the court that it would be to the interest of such minor or
     minors, that the mortgage, judgment, recognizance or other
     security, should be assigned to the appointee of the guardian of
     such minor or minors.
        II.  Where lands and tenements are held by will, or
     otherwise, for life, with remainder over.
        III.  Where lands and tenements are held in trust, under the
     provisions of any last will and testament, or any deed of trust.
        IV.  Where lands have descended under the intestate law.
     1885, June 24, P.L. 157, Sec. 1.
        Section 2.  Assignment may be enforced by court
        In case the holder of any such mortgage, judgment,
     recognizance or other security, shall fail or neglect, on such
     tender being made, to execute an assignment or transfer as
     required, it shall and may be lawful for a court of common pleas
     of the county, in which said mortgage, judgment or recognizance
     shall be entered or record, or of the county in which said
     holder shall reside, when such court shall be sitting in equity,
     to enforce by decree and attachment such assignments and
     transfer as aforesaid, and for the said court to order that the
     interest, due on such mortgage, judgment or recognizance, or
     other securities, shall cease from the day of such tender until
     the assignment or transfer so required shall be executed and
     delivered, and also to make such other and further decree in
     relation to the subject matter, including cost, as justice and
     equity may seem to require: Provided, That it shall be first
     made to appear to the court that all parties in interest in the
     lands so encumbered have joined in the application for the
     assignment of such mortgage, judgment, recognizance or other
     security. 1885, June 24, P.L. 157, Sec. 2.