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may have insured from all liability for or on ac-
count of any notes, due Mils or other evidences
of debt to the said company, held by it for pre-
miums on such real estate, the insurance on
which shall thus be canceled, and shall debar
him or her from any claim on this corporation
for any loss or damage by fire, subsequent to the
time of such withdrawal and canceling such in-
surance.
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SEC. 4. And be it enacted, That all promissory
notes of hand or other evidences of debt held by
said company, which shall have been given thereto
for premiums or insurance, or for any part or parts
of said premiums, shall constitute and be deemed
a lien on any real estate which may be insured
in consideration, or part consideration, of such
notes or evidences of debt, which real estate shall
be held liable for the full and just payment of
such notes or evidences of debt, either wholly
or in part of such time or times as the president
and directors shall demand, and of all legal
charges that may be incurred in enforcing pay-
ment thereof, in case of refusal or neglect to pay
by the drawer of such note or evidence of debt,
any sale, mortgage or transfer of such real estate
subsequent to the date of such notes or evidences
of debt during the time they are in existence,
shall not invalidate or prejudice the lien created
thereon by the making and delivery of such notes
or evidences of debt, and such real estate shall
only be released from such liability or lien there-
on on the full payment of such notes or evidences
of debt or such part thereof as may be demanded
by the president and directors of the company
and the canceling of insurance or insurances for
which they were given as premiums under such
regulations as the president and directors may
establish, and in case of refusal or neglect to pay
such note or evidences of debt, either wholly or
in part, or whenever and as often as may be de-
manded by the president and directors of the
company, the said president and directors may
proceed to collect the same, or any part thereof,
in the same manner as in the foreclosure of a
mortgage on real estate, the said notes or evi-
dences of debt to be held and deemed as a mort-
gage on such real estate.
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Promissory
notes to be
deemed a lien
on real estate.
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