HARRY W. NICE, GOVERNOR. 1241

decree could foreclose the same even though such fore-
closure be against the wishes of the holders of the remain-
der of said debt secured by said mortgage; and

WHEREAS by reason of the prolonged business depression
there has been, and now continues to be, an abnormal defla-
tion of real and leasehold property values in Baltimore City
and precipitate foreclosures would affect seriously the in-
vestments in such mortgages and imperil their safety, per-
haps irrevocably; 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 the re-en-
actment with amendments, as hereinafter provided, of the
said Section 720A enacted by the said Act of 1933, Chapter
56 as aforesaid, now therefore,

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 720A of Article 4 of the Code of
Public Local Laws of Maryland (1930 Edition), title "Bal-
timore City, " sub-title "Mortgages" is hereby re-enacted
with amendments, to follow immediately after Section 720
of said Article 4 and to continue to be known as Section
720A, so as to read as follows:

720A. In any case submitted to either of the Circuit
Courts of Baltimore City prior to the first day of June, 1937,
for the passage of a decree, as provided for in the preceding
Section 720 aforesaid, no such decree shall be passed unless
the application therefor is made or concurred in by the
record holders of not less than 25% of the entire unpaid
mortgage debt, it being hereby declared to be the intent of
this Section that the holder or holders of a fractional inter-
est in an entire mortgage debt of less than 25% of the
entire interest shall not have recourse to the summary and
ex parte remedies given under said Section 720 until after
June 1, 1937. Where any holder of a fractional interest in
an entire mortgage debt is an infant or otherwise incom-
petent, such consent may be given by his guardian or com-
mittee, as the case may be, or if there is no such guardian
or committee, then such consent may be given by his next
friend, and any consent so given shall be as valid and effec-
tive, for the purpose of this Act, as if such holder were not
under any disability.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved April 25, 1935.