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Session Laws, 1931
Volume 580, Page 1055   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR.                 1055

1.      The official number of the airship or other aircraft.

2.     The names of the parties to the sale, conditional sale,
conveyance, mortgage or assignment of mortgage.

3.      The time and date of the reception of the instrument.

4.     The interest in the airship or other aircraft so sold,
conveyed or mortgaged.

5.     The amount, date and maturities of the debts secured
by the mortgage.

6.      The price and cancellation date in the contract of con-
ditional sale.

(c)   A mortgagor upon discharge in whole or in part of the
mortgage indebtedness shall forthwith file with the Chairman
of said Aviation Commission or with such other members whom
the Chairman shall designate, a certificate of such discharge.

(d)   The Chairman of said Aviation Commission and such
other members whom the Chairman shall designate, shall per-
mit records made under the provisions of this section to be
inspected during office hours under such reasonable regulations
as may be established.

(e)   A mortgage or contract of conditional sale, so providing,
and recorded as provided herein, shall constitute a lien upon the
mortgaged airship or other aircraft in the amount of the out-
standing mortgage indebtedness secured by such airship or
other aircraft and shall outrank all other liens except such
mortgage contract of conditional sale or other lien existing
at the time of approval of this Act and except such other mort-
gages or contracts of conditional sale as have been previously
recorded hereunder. Upon default of any term or condition
-of the mortgage, such lien may be enforced by the mortgagee
by a suit in rem. Original jurisdiction of all such suits is
granted to the equity courts of this State, exclusively.

(f)   In any suit in rem for the enforcement of the mort-
gage lien the court may appoint a receiver and in its discretion
authorize the receiver to operate the mortgaged airship or
other aircraft. The receiver may be authorized or directed by
the court to take possession of the mortgaged airship or other
aircraft notwithstanding the fact that the airship or other
aircraft is in the possession or under the control of any person
claiming a possessory common-law lien.

(g)   Upon the sale of any mortgaged airship or other air-
craft by order of an equity court of this State in any suit in
rem for the enforcement of the mortgage lien, all pre-existing
claims and/or liens to' such airship or other aircraft, including

 

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Session Laws, 1931
Volume 580, Page 1055   View pdf image (33K)
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