220 ARTICLE 21.

1935, ch. 381. sec. 54-I.

54-I. Renewal. A chattel mortgage executed under and pursuant to
this sub-title shall be invalid as against creditors, purchasers, mortgagees,
and other lienors and encumbrancers after the expiration of a period of
five years, reckoning from the time of the docketing of said chattel mort-
gage, unless before the expiration of such term the mortgagee or someone
in its behalf shall file a statement containing the names of the parties to
the mortgage, the time and place where docketed, and the amount then due
thereon for principal and interest, in which case the lien of the mortgage
shall be extended for five years from and after the date of the filing of said
statement. The officer filing the statement shall be entitled to the same
fee as in the case of the docketing and entry of chattel mortgage, and he
shall likewise enter it in the "Federal Farm Credit Lien Book. "

1933. ch. 281. sec. 54J.

54J. Assignments. Any mortgage executed under and pursuant to this
sub-title may be assigned by an instrument in writing signed and ac-
knowledged by the mortgagee, its agent, attorney or assignee, and upon
presentation of such assignment to the clerk of the court in the office in
which the original mortgage is docketed, and such assignment shall, except
as to the parties thereto, take effect and be valid only from the time of
filing and noting as herein provided.

1935. ch. 2S1, sec. 54K.

54K. Release. Any chattel mortgage executed under and pursuant to

this sub-title may be released by an instrument in writing signed and

acknowledged by the mortgagee, or its assignee or its attorney, or the

duly authorized agent of such mortgagee, or assignee, and upon presentation

of such release in the office of the clerk of the court where the original

mortgage is docketed, the clerk shall index and file the same and note such

release and the date thereof on the date thereof¹ on the margin of the page

of the book where the original mortgage is docketed, and when so noted

such release shall fully and effectually release the lien of said mortgage.

1985, ch. 281, sec. 54L.

54L. Removal of Mortgaged Property; Extinguishment of Lien.
The lieu of the mortgage shall not be extinguished or impaired by the
removal of the mortgaged property from the county or city in which the
mortgage is docketed.

1935. ch. 281, sec. 54M.

54M. Default. Upon default of any of the terms and provisions of
any mortgage executed in accordance with the provisions of this sub-title,
the mortgagee shall have the right without process of law immediately to
take possession of the mortgaged property and do all things necessary to

¹ The act reads this way.