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Clement Dorsey. The general public statutory law and public local law of the state of Maryland : from the year 1692 to 1839 inclusive, with annotations thereto,and a copious index.
Volume 141, Page 2531   View pdf image (33K)
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CHANCERY.] PUBLIC GENERAL LAW. 2531

a power to the mortgagee or any other person, to sell the mort-
gaged premises, upon default being made in any condition of said
mortgage may be foreclosed in the manner herein alter specified.

SEC. 2. And be it enacted, That in order to entitle any person
to foreclose a mortgage according to the provisions of this act, no-
tice that the same will be foreclosed by a sale of the mortgaged
premises, or some part of them, shall be given by publishing the
same three times a week for three weeks, unless a longer time is
specified in the mortgage, in at least two daily newspapers printed
in the city of Baltimore.

SEC. 3. And be it enacted, That every such notice shall specify
the name of the mortgagor and of the mortgagee, and the last as-
signee of the mortgage, if any; the date of the mortgage; the
amount claimed to be due thereon at the time of the first publica-
tion of such notice, and a description of the mortgaged premises,
conforming substantially with that contained in the mortgage, and
the day and place at which the sale is to take place.

SEC. 4. And be it enacted. That such sale may be postponed from
time to time, by inserting a notice of such postponement, as soon as
practicable, in the newspaper in which the original advertisement
was published, and continuing such publication until the time to
which the sale shall be postponed.

SEC. 5. And be it enacted, That such sale shall be made at pub-
lic auction, and if the premises shall consist of distinct lots, they
shall be sold separately, unless otherwise agreed upon in the mort-
gage, and no more lots or parcels shall be sold than shall be neces-
sary to satisfy the amount due upon said mortgage at the time of the
sale, and the costs and expenses now allowed in cases of chancery
sales, except commissions.

SEC. 6. And be it enacted, That the mortgagee, his assigns, and
his or their legal representatives, may fairly and in good faith pur-
chase the premises so advertised, or any part thereof, at such sale.

SEC. 7. And be it enacted, That every sale, pursuant to a power
as aforesaid, and conducted as herein prescribed, made to a pur-
chaser in good faith, shall be equivalent to a foreclosure and sale,
under the decree of a court of equity, so far as to be an entire bar
of all claim or equity of redemption of the mortgagor, his heirs and
representatives, and of all persons claiming under him or them, by
virtue of any title subsequent to such mortgage.

SEC. 8. And be it enacted, That if there shall remain any sur-
plus after the sale of any mortgaged property, and the person selling
the same shall have notice of any judgment or mortgage, subsequent
to that under which he may have sold, he shall distribute the said
surplus, if the parties interested can agree, but if they cannot, he
shall deposite the same with the clerk of Baltimore county court,

 

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Clement Dorsey. The general public statutory law and public local law of the state of Maryland : from the year 1692 to 1839 inclusive, with annotations thereto,and a copious index.
Volume 141, Page 2531   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


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