200 LAWS OF MARYLAND. [CH. 57

6A, and to follow immediately after Section 6 of said
Article, suspending for the period of the Emergency
hereinafter declared, the right of a holder of a fractional
interest in the debt secured by any mortgage to foreclose
or procure the foreclosure thereof except as provided in
this Act.

WHEREAS, Under said Section 6 of Article 66 of the Code
of Public General Laws of Maryland (1924 Edition) the
holder of a fractional interest, no matter how small, in a
debt secured by a mortgage, may now sell or procure the
sale of the mortgaged property in accordance with the
power of sale contained in such mortgage, after a default
has occurred in such mortgage, even through such sale be
against the wishes of the holders of the remainder of said
debt secured by said mortgage; and,

WHEREAS, By reasons of the prolonged business depres-
sion, there has been an abnormal deflation of real and lease-
hold property values in the State of Maryland, and any
precipitate foreclosure sales would affect seriously the in-
vestment in such mortgage, perhaps injuring irrevocably
the safety of investment; and,

WHEREAS, By reason of the aforegoing and other adverse
conditions, an emergency is hereby declared to exist as a
matter of Legislative determination, necessitating Legisla-
tive intervention by the enactment of the provisions here-
inafter prescribed, and their application during such em-
ergency; now therefore

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a. new section be and the same is hereby
added to Article 66 of the Code of Public General Laws of
Maryland (1924 Edition), title ''Mortgages'', said new sec-
tion to be known as Section 6A to follow immediately after
Section 6, and to read as follows:

6A. In all mortgages of real and/or leasehold property
heretofore given or hereafter given, wherein there is in-
serted a clause authorizing the mortgagee or any other
person to be named therein to sell the mortgaged premises,
upon such terms and on such contingencies as may be ex-
pressed therein, the power of sale therein contained shall
not be exercised during the period of the emergency afore-
said, except by and with the consent of the record holders
of not less than 25% of the entire unpaid principal debt
secured by the mortgage sought to be foreclosed, it being