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139. A mortgage of personal property, made in
the above form, shall be deemed as containing an im-
plied covenant by the mortgagor to pay the debt and
interest specified in said mortgage.
140. A proviso in a mortgage of personal proper-
ty, in the following form or to the like effect; Provi-
ded, That in default of payment, the said (the mort-
gagee) may sell the above mortgaged property in the
following manner (here insert place, terms, manner,
and notice of sale,) shall be construed and have the
same effect us if the following proviso or agreement
had been therein inserted:
I. "Provided, and it is hereby agreed between the
parties to these presents, that if default shall be made
by the said (mortgagee,) his executors or administra-
tors, in payment of the said sum of ——— dollars or
any part thereof and interest thereon, at the time
specified in these presents, then and in such case it
shall be lawful for the said (the mortgagor) to sell all
the property specified in these presents, or so much
thereof as may be necessary, to pay said sum of ——
dollars and interest thereon and expenses of said
sale in the following manner (here insert place, terras,
manner and notice of sale,) and the proceeds arising
from said sale to be applied, first to the payment of
the expenses of said sale, then to the payment of the
sum of —— dollars with the interest thereon, as speci-
fied in these presents, or so much thereof as may due
at the time of such sale, and the surplus, if any, to
be paid over to the said (the mortgagor,) his exec-
utors, administrators or assigns.
141. Mortgages of personal property may be as-
signed and released in the same manner as mortgages
of real property, according to the rules herein before
prescribed for the assignment and release of the same.
142. Mortgages of personal property shall be
acknowledged and recorded in the same manner as
bills of sale; and no affidavit as to the consideration
shall be required.
143. Mortgages of personal property shall be
valid and take effect, except as between the parties
thereto, only from the time of recording; and in case
of more than one mortgage, the one first recorded
shall have preference.
144. A married woman may, by mortgage execu-
ted by herself and husband, mortgage any of her
personal property; and such mortgage to be ac-
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Of mortgages
of personal
property.
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