ARTICLE II.

MORTGAGE OF REAL PROPERTY.

SECTION 2947. What real property may be mortgaged. 2948. Form of mortgage.

2949. What must be recorded as a mortgage.

2950. Defeasance, to affect grant absolute on its face, must
be recorded.

2951. By whom paid after property passes by succession or

will.

2952. May be recorded.

2947. Any interest in real property which is capa- What real ble of being transferred may be mortgaged.

2948.

NOTE.-Story's Eq. Jr., Sec. 1021; Wilson vs. Wilson, 32 Barb., p. 328. A mere possibility not coupled with an interest cannot be transferred, and therefore cannot be mortgaged (this Code, Secs. 1045, and 2947), as for instance the mere expectancy of an heir apparent.-Carlton vs. Leighton, 3 Meriv., p. 667. For what may be transferred, see Secs. 1044, 1045, 1046, 1047, of this Code.

property may be mortgaged.

A mortgage of real property may be made Form of

in substantially the following form:

This mortgage, made the by A B, of

year

day of

in the

-, mortgagor, to CD, of

mortgagee, witnesseth: That the mortgagor mortgages to the mortgagee [here describe the property], as security for the payment to him of dollars, on [or before] the day of, in_the_year —, with interest thereon [or as security for the payment of an obligation, describing it, etc.] A B.

NOTE.-Leon vs. Higura, 15 Cal., p. 483; Woodworth vs. Guzman, 1 Cal., p. 203; Barroilhet vs. Bartelle, 7 Cal., p. 450; Polhemus vs. Tranor, 30 Cal., p. 685.

2949. Every grant of real property, or of any estate therein, which appears by any other writing to be intended as a mortgage, must be recorded as a mortgage; and if such grant and other writing explanatory of its true character are not recorded together,

mortgage.

What must as a

be recorded

mortgage.

Same.

Same.

Duty of mortgagee

on

satisfaction

of mortgage.

Provisions of this Chapter do not affect bottomry

as follows: "Signed and acknowledged

this

day of

in the year

A B,

NOTE.-A mortgage unsatisfied
the subject of sale, to innocent p
Jamestown Bridge Co., 5 Cal., p. 3:
of a mortgage does not of itself di
Sherwood vs. Dunbar, 6 Cal., p. 53
2939. A recorded mortgage, if no
provided in the preceding section, mu
upon the record by the officer having
on the presentation to him of a certi
the mortgagee, his personal represen
acknowledged or proved and certifie
the Chapter on "Recording Trans
the mortgage has been paid, satist

2940. A certificate of the di
gage, and the proof or acknowledg
be recorded at length, and a ref
record to the book and page w
recorded, and in the minute of
upon the record of the mortgag
where the discharge is recorded

2941. When any mortgage mortgagee or his assignee mu mand of the mortgagor, enter> isfaction of such mortgage to and any mortgagee or assigned neglects or refuses to enter sa gage, as is provided in this ( ages to such mortgagor, or hi sum of one hundred dollars, action before any Court of e

2942. Contracts of l although in the nature of 1

or respon- by any of the provisions of

dentia.

Defeasance, to

absolute

on its face,

must be recorded.

at the same time and place, the grantee can derive no benefit from such record.

2950. When a grant of real property purports to affect grant be an absolute conveyance, but is intended to be defeasable on the performance of certain conditions, such grant is not defeated or affected as against any person other than the grantee or his heirs or devisees, or persons having actual notice, unless an instrument of defeasance, duly executed and acknowledged, shall have been recorded in the office of the County Recorder of the county where the property is situated.

By whom paid after property passes by succession or will.

May be recorded.

2951. When real property, subject to a mortgage, passes by succession or will, the successor or devisee must satisfy the mortgage out of his own property, without resorting to the executor or administrator of the mortgagor, unless there is an express direction in the will of the mortgagor that the mortgage shall be otherwise paid.

NOTE.-R. S. of N. Y., p. 756, Sec. 1; p. 761, Sec. 33. 2952. Mortgages of real property may be acknowledged, or proved, certified, and recorded in like manner and with like effect as grants thereof, but they must be recorded in books kept for mortgages of real property exclusively.

NOTE.-See Secs. 1213 to 1217, inclusive, Vol. I, pp. 328 to 337.

ARTICLE III.

MORTGAGE OF PERSONAL PROPERTY.

SECTION 2955. What personal property may be mortgaged.
2956. Form of personal mortgage.

2957. When void as to third persons.

2958. Mortgage of ships, when void as to third persons.

2959. Where recorded.

2960. Property in transit, where to be recorded.

2961. Property of a common carrier, where to be recorded.

SECTION 2962. Recorded in different places.

2963. Personal mortgage may be recorded.

2964. Certified copies may be recorded, when.

2965. Property exempt from effect of mortgage, when.
2966. May be taken by mortgagee as a pledge, when.
2967. How foreclosed.

2968. Mortgage property may be levied upon.

2969. Limitations on right of levy.

2970. Distribution of proceeds of sale under process.

2971. Certain sections not applicable to mortgage of certain ships.

(Chapter 600, Page 281.)

2955. Mortgages may be made upon: First, locomotives, engines, and other rolling-stock of a railroad; second, steamboat machinery, the machinery used by machinists, foundry-men, and mechanics; third, steam engines and boilers; fourth, mining machinery; fifth, printing presses and material; sixth, professional libraries; seventh, instruments of a surgeon, physician, or dentist; eighth, upholstery and furniture used in hotels, lodging or boarding-houses, when mortgaged to secure the purchase-money of the articles mortgaged; ninth, growing crops; tenth, vessels of more than five tons burthen; eleventh, instruments, negatives, furniture, and fixtures of a photograph gallery. [Approved April 3d, 1876.]

~ unu 1.—A, the owner of a quartz mill, executed a mortgage on it to B; subsequently A purchased a steam engine and boiler; and to secure the purchase money, executed to C a chattel mortgage on the same. A then took the engine and boiler to his mill and placed them therein, so that they became party of the realty. It was held that the mortgage to C on the engine and boiler had priority over the mortgage to B.-Tibbetts vs. Moore, 23 Cal., p. 208.

Subd. 8.-The furniture must be actually used in a hotel or boarding house.-Stringer vs. Davis, 30 Cal.,

36-vol. ii.