TITLE 2. Penalty for neglect. Commission. Bond when to be sued. Disposition of monies $25. If any such preceding county treasurer, or in case of his death, if his executors or administrators shall refuse or neglect to deliver such books, papers and monies, upon oath, when lawfully demanded, every such person shall forfeit, for the use of the county, the sum of twelve hundred and fifty dollars.17 $ 26. The county treasurer shall be entitled to retain a commission of one per cent. on every dollar which he shall receive and pay; to wit, one half of such commission for receiving, and the other half for paying. 18 $27. Whenever the condition of the county treasurer's bond shall be forfeited, to the knowledge of the board of supervisors of the county, and whenever such board shall be required so to do by the comptroller, they shall cause such bond to be put in suit. 19 $28. All monies recovered in any such action, shall be applied recovered. by the board of supervisors to the use of the county, unless the same or some part thereof, shall have been received by the county treasurer for the use of the state; in which case, such monies, or such part thereof as shall have been so received, shall be paid by the supervisors to the treasurer of the state." Now-York. 19 $29. The chamberlain of the city and county of New-York shall be considered the county treasurer thereof; and all the provisions of this Article shall be construed to apply to him, except where special provisions inconsistent therewith, are or shall be made by law, in relation to the city and county of New-York.20 ARTICLE THIRD. Of Loan Officers and Commissioners of Loans. SEC. 30. Commissioners of loans and loan officers to give bonds. 31 & 32. Sufficiency of the sureties how and by whom to be determined. 38. Supervisors may require additional security. 34. Proceedings in case additional security be not given. 35. Loan officers to receive all monies payable on mortgages under their charge; to keep an account. 36. May require additional security for monies loaned by them. 37. In case any mortgagor shall refuse such additional security to supply any defect in original mortgage, commissioners may file a bill in chancery. 38. When monies are paid upon any loan, supervisors may inhibit commissioners from 39. If not ordered to contrary, commissioners to re-loan monies : rate of interest. 41. Supervisors to examine them, and send certificate of examination to comptroller. 43. Notice of sale of mortgaged premises by commissioners, how given, &c. 45. Provisions of the fifth Title of the eighth Chapter of this act, from sections 20 to (17) 2 R. L. 139, § 6. (18) Ib. § 9. (19) Ib. § 5. (20) Ib. 399, § 151; Laws of 1523, p. 401, § 28. SEC. 46. When mortgaged premises are bid in by loan officers, for less than amount due, 47. When commissioners or loan officers cannot loan monies in their hands, not to be 48. When county receiving loan under act of 1792 is divided, and loss is sustained by 49. If such county be subjected to loss by defect of title, &c. of mortgaged premises, 50. Loan officers to deposit their books in clerk's office of counties. 51. Meaning of term "loan officers." ART. 3. $30. Every person hereafter appointed to the office of loan officer Bond. or commissioner of loans, in any county in this state, shall, before he enters on the duties of his office, give a bond to the people of this state, with two or more sufficient sureties, in a sum equal to the amount of the mortgages then under the charge of the loan officers, or commissioners of loans, as the case may be, of such county, conditioned that such loan officer or commissioner shall well and truly perform the duties of his office pursuant to law, and shall demean himself therein, without favor, malice or partiality. of sureties. $31. The board of supervisors of the county, together with one Sufficiency or more of the judges of the county, shall be the judges of the sufficiency of the sureties offered by a loan officer; and the bond of every such loan officer and his sureties, with the approbation of a majority of the supervisors and of such judge or judges, endorsed thereon, shall be filed in the office of the clerk of the county. $ 32. The clerk of the county, and any two judges of the county Ib. courts, shall, except in the county of New-York, be judges of the sufficiency of the sureties offered by a commissioner of loans; and in the city and county of New-York, the mayor and recorder shall perform that duty. The bond of every commissioner, with the approbation of the proper officers endorsed theroon, shall be transmitted to the comptroller, to be filed in his office. security. $33. Whenever the supervisors of any county in this state, shall Additional apprehend that any loan officer or commisisoner of loans, or their or either of their sureties, are likely to fail, it shall be their duty to require such loan officer or commissioner, to give such additional security as they may deem reasonable and satisfactory.21 $34. If any such loan officer shall neglect or refuse for the space 1. of ten days, after the receipt of notice, to give such security as required, the supervisors may appoint another loan officer in his stead; and if a commissioner of loans shall neglect or refuse, for the space above specified, to give such security as may be required, the said supervisors shall report such suspicion, as to the security, and the refusal of the commissioner of loans to comply with their requisition, to the governor, in order to his removal.21 (21) Laws of 1819, p. 37, § 5. TITLE 2 Loan officers to receive mortgage monies. May require additional security. Proceedings, if security be refused. May be inbibited from reloaning. When to re loan. $35. It shall be the duty of the loan officers and commissioners of loans, in the several counties, to receive from time to time, all monies which shall become payable for principal and interest, or for either of them, upon the mortgages under their charge, and to keep an account of all monies so received by them. $36. Whenever the loan officers or commissioners of loans, shall of consider it necessary to require additional security, for the purpose securing the payment of monies loaned by them or their predecessors in office, either on account of the reduction in value of the premises mortgaged, or on account of any substantial defect in the description of such premises in the original mortgage, they shall have power, and it shall be their duty, to demand such additional security as they shall think requisite, from the mortgagor, his representatives or assigns, and to take the same in like manner as original mortgages are directed to be taken by them; and such additional securities shall be proceeded upon, in case of default in payment, in the same manner as original mortgages. 22 $37. In case any mortgagor, his heirs or devisees, who shall be in the actual possession of the mortgaged premises, shall neglect or refuse to give such additional security as may be required by such loan officers or commissioners, for the purpose of supplying any substantial defect in the description of the mortgaged premises; the loan officers or commissioners of loans, may file a bill in the court of chancery, to compel such mortgagor, his heirs or devisees, to supply such defects, in such manner as the chancellor shall deem equitable; and in every such case, the chancellor shall have power to decree costs against the defendant, if, in his opinion, costs ought to be decreed. 22 $38. Whenever any monies shall be paid to any loan officers or commissioners of loans, for the principal of any loan under their charge, the board of supervisors of the county shall have power, by resolution, to inhibit the re-loaning of such monies; and in such case, it shall be the duty of the loan officers or commissioners, to pay to the treasurer of this state, the monies so received, within thirty days after the receipt thereof, or if such resolution be made subsequent to such receipt, then within thirty days after notice thereof.23 $39. In case no order shall be made to the contrary by the board of supervisors, the loan officers and commissioners shall re-loan all monies received by them, upon the mortgages under their charge, in the manner prescribed in the several acts under which they shall have been appointed, at an interest of seven per cent.24 (22) Laws of 1822, p. 265, § 1 & 2. (23) Laws of 1819, p. 37 & 38, § 3; 1820, p. 247, §7; 1821, p. 17; 1822, p. 265, § 3; 1823, p. 205, § 1. (24) Laws of 1815, p. 61, §2; 1521, p. 170,2. § supervisors. $ 40. It shall be the duty of the loan officers and commissioners of ART. 3. loans, to exhibit to the board of supervisors of their respective coun- To exhibit ties, at each annual meeting of the board, all the mortgages taken by accounts to them or their predecessors in office, for monies loaned pursuant to law, together with their books of accounts, minutes and vouchers; in order that the board of supervisors may ascertain whether the monies committed to the charge of such loan officers and commissioners, have been loaned and continued to be kept as loans, according to law.26 of supervi $ 41. It shall be the duty of the board of supervisors to examine Duty of board such mortgages, accounts and minutes, so to be annually exhibited to sors. them, and thereupon forthwith to certify under their hands, the state in which they shall find the monies under charge of such loan officers and commissioners, and to transmit their certificate by mail to the comptroller of this state.25 comptroller, officers are $42. If it shall appear to the comptroller, from any such certifi- Duty of cate, that the whole of the monies under the charge of the loan offi- when these cers and commissioners have not been loaned as required by law; it in default. shall be his duty to order suits to be commenced on the bonds of the loan officers or commissioners so found in default. And it shall also be his duty, to report such commissioners of loans, or any or either of them, being in default, to the governor, in order that they may be removed, and others appointed in their stead.25 of mortgaged $ 43. In every case of a mortgage sale, by loan officers or commis- Notice of sale sioners of loans, it shall be their duty, in addition to the notice di- premises. rected by law to be given of such sale, in the several acts under which they are appointed, to cause a copy of their advertisement to be published, for the space of eight weeks successively, immediately preceding the day of sale, at least once in each week, in one of the newspapers printed and published in the county in which the mortgaged premises are situate; or if no newspaper is printed and published in such county, then in the county nearest thereto, in which a newspaper is printed and published: and the expense of such publication shall be paid in like manner as the other expenses of advertising loan office sales, are by law directed and required to be paid.25 county has $ 44. Whenever any county, in which loans may have been made Ib. when pursuant to either of the acts authorising loans of monies to the citi- been divided. zens of this state, shall have been divided since the passing of the act under which such loans were made, or shall hereafter be divided, and default shall be made in the payment of principal or interest of any such loan, the loan officers or commissioners under whose care any mortgage given for any such loan may be, shall have power to proceed to a sale of the mortgaged premises, pursuant to the provisions of the act under which the mortgage shall have been given, whether the mortgaged (25) Laws of 1819, p. 37, § 2 & 4 TITLE 2. premises shall be situated within the county of such loan officers or commissioners, or not. And in such cases, all notices required to be affixed or published, shall be affixed and published in the county in which the mortgaged lands shall lie; and the sale shall be made in that county. Certain provisions of Article. $45. The powers conferred and the duties imposed on the attorChap. 8 ex- ney-general, by the fourth, fifth, sixth, seventh and eighth sections tended to this of Title sixth of the ninth Chapter of this act, shall extend to loan officers and commissioners of loans, in all cases of foreclosure under their direction, except that the expenses of any appraisement by loan officers shall be charged to the county; and all purchases of mortgaged See ante p. premises made by the loan officers, at any mortgage sale, had under their direction, shall be in the name of the board of supervisors, and for the use and benefit of their respective counties; and all purchases of mortgaged premises, made by the commissioners of loans, at any mortgage sale had under their direction, shall be for the use and benefit of the state.26 212.] Amount to be credited, ses are bid in amount due. $ 46. Whenever any mortgaged premises are bid in by loan offiwhen premi- cers or commissioners of loans, for an amount less than the mortgage for less than money, interest and costs due, it shall be the duty of the comptroller, upon satisfactory proof being made to him, that nothing more can be collected upon any covenant in the mortgage, or upon any bond or other security for the mortgage debt, and that the deficiency has not arisen from any negligence or fault of the loan officers or commissioners, to credit them with the full amount due on the mortgage at the time of sale, upon their delivering to him the original mortgage, and all other securities for the mortgage debt.27 When inter ost is not to $ 47. Whenever any monies hereafter to be received by any loan be charged. officers or commissioners of loans, shall remain in their hands unloaned, without any fault or negligence on their part, and unemployed, it shall be the duty of the comptroller, on satisfactory proof thereof being made to him, so to state the accounts of such loan officers or commissioners, that they be not charged with interest on such monies, whilst so remaining unloaned and unemployed. Loss when county has $48. Whenever any county to which loans may have been made, been divided. pursuant to the act of the 14th of March, 1792, authorising loans of monies to the citizens of this state, shall be divided, and any loss shall be sustained in consequence of the default of the loan officers appointed or to be appointed pursuant to said aet for any such county, the amount of such loss shall be raised, levied and collected, in the several counties or territory, which originally composed the county so divided. 28 (26) Laws of 1820, p. 247, §8; 1824, p. 341, § 1 to 4. (27) 1824, ib. § 5. (28) Laws of 1820, p. 246, § 4 & 8. |