USA > New Jersey > Documents relating to the colonial history of the state of New Jersey, Volume VIII > Part 25
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For which respective sums, the Commissioners of the respective Loan Offices to whom the said Bills Shall be Delivered shall give their receipts to the said Signers, which receipts to them their Heirs Executors and Administrators shall be Sufficient Discharges for the Bills so delivered.
And Be it further Enacted by the Authority Afore- said that as soon as may be Conveniently After this Act takes place the Secretary of this Colony is hereby required to notify the same to some three Justices of the Peace of each County in this Colony of which one of the said Justices in each of the Countys shall be of the Quorum who on the receipt of the said Notice are hereby required forthwith to Issue their precepts to the Constables of the respective Townships or Pre- cincts in each County Commanding them to give no tice to the Other Justices in each of the said Counties, and to Summons all the ffreeholders Chosen for that year in the said Townships & Districts, to meet to- gether at some day and place in the said precept to be Appointed in the said County not exceeding twelve days, nor to be Less than eight, then and there by the Majority of the Voices of the said ffreeholders in each respective County in concurrence with three of the said Justices Quorum Unus to Chuse and they are hereby commanded so to meet and Chuse Two Substantial Freeholders to be Loan Officers in every County of this province who are to have the management thereof in the County for which they are respectively named & Appointed; and After they have taken their Quali- fications According to the Directions of this Act, they
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shall be and are hereby declared to be Bodies Politick and Corporate in Succession, in Fact & in Law, that is to say
The Commissioners chosen as aforesaid for the County of Bergen shall be one Body Politick and Cor- porate by the Name of the Commissioners of the Loan Office of the County of Bergen.
The Commissioners Chosen as aforesaid for the County of Essex Shall be another Body Politick and Corporate, by the name of the Commissioners of the Loan Office of the County of Essex.
The Commissioners Chosen as aforesaid for the County of Middlesex shall be another Body Politick & Corporate, by the name of the Commissioners of the Loan Office of the County of Middlesex.
The Commissioners chosen as aforesaid for the County of Somerset shall be Another Body Politick & Corporate, by the name of the Commissioners of the Loan Office of the County of Somerset.
The Commissioners Chosen as aforesaid for the County of Monmouth Shall be another Body Politick & Corporate, by the name of the Commissioners of the Loan Office of the County of Monmouth.
The Commissioners chosen as aforesaid for the County of Sussex Shall be another Body Politick and Corporate, by the name of the Commissioners of the Loan Office of the County of Sussex.
The Commissioners Chosen as aforesaid for the County of Morris Shall be another Body Politick and Corporate, by the name of the Commissioners of the Loan Office of the County of Morris.
The Commissioners Chosen as aforesaid for the County of Hunterdon Shall be Another Body Politick & Corporate by the name of the Commissioners of the Loan Office of the County of Hunterdon.
The Commissioners Chosen as aforesaid for the County of Burlington shall be another Body Politick
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and Corporate, by the name of the Commissioners of Loan Office of the County of Burlington.
The Commissioners Chosen as aforesaid for the County of Gloucester shall be another Body Politick and Corporate by the name of the Commissioners of the Loan Office of the County of Gloucester.
The Commissioners Chosen as aforesaid for the County of Salem shall be another Body Politick and Corporate by the name of the Commissioners of the Loan Office of the County of Salem.
The Commissioners Chosen as aforesaid for the County of Cumberland shall be another Body Politick & Corporate, by the name of the Commissioners of the Loan Office of the County of Cumberland.
The Commissioners Chosen as aforesaid for the County of Cape May Shall be another Body Politick and Corporate, by the Name of the Commissioners of the Loan Office of the County of Cape May.
With full power to every of the said Bodies Politick to use a Commom Seal, & by & in the Name thereof as aforesaid to Grant Receipts receive Mortgages, and Again to Grant the Same away, to Sue and be Sued, and Generally with all Such Powers as are necessary to be used for the due Execution of the Trust reposed in the Said Commissioners by this Act.
And Be it further Enacted by the Authority afore- said that before the said Commissioners of the respec- tive Loan offices that shall be so chosen within this province or Either of them, do enter- upon their said office of Commissioners, every of them shall take the following oath or affirmation if a Quaker before some one Magistrate of the respective County * * * "I, " A B will According to the best of my Skill & Knowl- "edge, faithfully Impartially & truly demean myself "in discharge of the Trust committed to me, as one of "the Commissioners of the Loan office for the County According to the purport true Intent
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"& meaning of this Act of General Assembly, so as "the Public may not be Prejudiced by my Consent "Privity or Procurement."
And Be it Enacted by the Authority Aforesaid that the Magistrate who shall Administer to the Commis- sioners aforesaid the Oath or Affirmation herein di- rected by them to be taken Shall give to them respec- tively a Certificate under his hand that the said oath or Affirmation has by him been Administered to & taken by them, and the Clerk of the County shall Likewise give them respectively a certificate that such Commissioner has given Bond with Security Approved as by this Act is hereafter directed, therein mention- ing the date sum & names of the Securities, and that the same is filed with him, which Certificate together with the receipt of the said Commissioners Shall Suffi- ciently Warrant the Signers aforesaid to Deliver to each of them the said Commissioners their propor- tional parts of their Quotas Assigned to the Several Counties for which they are Respectively named.
And Be it Enacted by the Authority Aforesaid that each of the said Commissioners shall give Bond to his majesty his Heirs and Successors with Such Sufficient Security as shall be Approved of by any three or more of the Justices of the Peace of the County Quorum Unus, together with three of the Freeholders of the Same County Elected by Virtue of an Act Entitled an Act for Raising of money for Building & repairing of Goals & Court Houses in Each respective County of this province in the full Sum by this Act Committed to his Charge with Condition for the true and faithful performance of his office & duty & that without favour Malice or Partiality which Bond being taken & Ap- proved of as Aforesaid Shall be Lodged with the County Clerk, and in case of the forfeiture thereof Shall by the Justices and ffreeholders of the County be put in Suit & on recovery thereof the monies re-
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covered shall be Applied to the use of the County in Consideration of the Counties making good the Defi- ciency of the Borrowers in the same as in this Act is hereafter derected.
And Be it Enacted by the Authority Aforesaid that when the said Commissioners respectively have Quali- fied themselves as by this Act is directed, and received the said Bills of Credit Such Bills of Credit shall be let out to such as Shall Apply for the Same & can and will give Security to the said Commissioners by Mort- gage on Lands Lots Houses or other Valuable Im- provements Lying in the Same County they the said Commissioners first giving Publick Notice (as in other Cases directed by this Act for Notices) by Advertize- ments set up that on a Certain day at least Ten days after Setting them up and at a Certain place therein Mentioned, they will be ready to receive Borrowers Qualified According to the direction of this Act, and as on that day Borrowers do Offer their Names and Sums they Demand Shall be Orderly Entered down in the minute Book of proceedings and every one Shall be Served According to the Priority of their demand if reasonable objection be not Against the Title and Value of the Lands offered to be Mortgaged or some other Sufficient reason, which shall be entered Also in the minute Book of Proceedings.
Provided Always that if upon the first day so many Borrowers do offer as to demand a greater sum than the whole Sum in that County to be Lent out, Then and in that Case every Such Borrower Shall be Abated of the Sum he Demanded proportionally.
And Be it Enacted by the Authority aforesaid, that the said Commissioners respectively before they Ac- cept of any Land Lots Houses or Other Improvements in Mortgage for any of the said Bills; they Shall first view what is so offered in Mortgage or make due En- quiry into the Value thereof, and then Shall Examine
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the Titles thereto by perusing the Deeds Patents Sur- veys & Other Writings & Conveyances by which the Same is held, And the said Commissioners respectively are hereby Also Impowered & required to Administer to all persons applying for any of the said Bills as Aforesaid, the following Oath or Affirmation if Quakers to wit.
"I A: B. am bonafide Seized of the Lands Tene- "ments & Hereditaments by me proposed to be Mort- "gaged in my own right & to my own Use and the "Same were not Alienated in trust to me for the use "of any Person nor with intent to raise any Sum or "Sums of money upon the Same by way of Loan or "other wise for the use of any other Person or Per- "sons whatsoever and the Premises are free and Clear "from any Other or former Gift Grant Sale Mortgage "Judgment Recognizance or other Incumbrance what- "soever to my Knowledge except the rent Issuing "thereout to our Lord the King & the Proprietors "Quit rent if any there be."
And Be it Enacted by the Authority Aforesaid that the Commissioners for each of the said Counties re- spectively upon finding Borrowers Qualified and they the said Commissioners being Satisfied as aforesaid are hereby required and by Virtue of this Act have full power to let out the Value of the said Bills to them Delivered as Aforesaid at the Interest of five per Cent per Annum for the Term of Sixteen years from the date of the said Bills, in Sums not exceeding One Hun- dred Pounds to any one Person, and not under Twelve pounds Ten shillings to any one Person, The said Commissioners for each of the said Counties respec- tively taking Security for the Same by way of Mort- gage as aforesaid in at Least double the Value in Lands Tenements & Hereditaments Appearing clear of In- cumbrances except Rents as aforesaid and in at Least three times the Value in Houses within the said re-
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spective Counties as aforesaid and administering an Oath or Affirmation to the borrower as aforesaid. which Mortgage when Executed before two or more Lawfull Witnesses, and the Substance thereof Minuted in a Book to be by the the said Commissioners pro- vided & Kept for that purpose in each respective County at the Charge of the Mortgager, the Charge not exceeding Eight Shillings, an Attested Copy of which Deed so minuted & Certified under the hands of the said Commissioners Shall and is hereby declared to be matter of Record & shall be good Evidence of the said Mortgage any Law usage or Custom to the Contrary Notwithstanding.
And Be it further Enacted by the Authority afore- said that the Several Sums of money Lent out in pursuance of this Act Shall be paid in Again in manner following, (that is to Say) each Borrower Shall Annually and Every year After the Time of his Bor- rowing on the Twenty fifth day of march in each year pay into the Loan office one Sixteenth part of the Sum borrowed, together with the Interest of so much of the Principal as was the year past remaining in the Borrowers Hands Computed at the Rate of five pounds per Centum per Annum untill the whole Sum bor- rowed with the Interest Annually Computed at the rate aforesaid Shall be paid in. Provided always that it shall and may be Lawfull for any Such Borrower at any of the Annual Times of payment Aforesaid, to pay in the whole Sum borrowed if such Borrower shall so think fit in the Same manner as they used to do by Virtue of former Acts of this Colony, and the money so paid in Shall again be Let out by the said Loan Officers to any Person or Persons who may in- cline to borrow the Same at the Interest aforesaid, so that such Borrower or Borrowers shall pay in Such equal and proportional parts of the Sum borrowed, that the whole Sum so again Let out may be repaid
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with Interest Computed as Aforesaid at the Expira- tion of the Time Limitted for the Currency of the said Bills.
And be it further Enacted by the Authority aforesaid that all the Sums of Principal money that shall be so paid in by the Borrowers during the first Eight years of the Time Limitted for the Currency of the said Bills of Credit, but not After may and Shall be An- nually re-emitted by the said Loan officers respectively upon Loan to any person or persons Whatsoever, and at the Interest Aforesaid they the said Loan officers in Re-emitting or Lending out again the said principal Sums so paid in taking Such Security & observing the Like Rules as are directed in relation to the first Lend- ing threof, so always that care be taken therein from time to Time that the whole Sum so Re-emitted Shall be again paid in in Equal Proportional Parts that the whole thereof and the Interest Annually Shall be Re- paid at the Time Limitted for the Currency of the said Bills.
And be it further Enacted by the Authority Afore- said that in Case any Commissioner or Commissioners of the Loan offices Aforesaid do or Shall Neglect delay or Refuse, or by death or removal omit per- forming the duties enjoined him or them by this Act or Shall behave him or themselves in his or their office with favour Affection or Partiality whereby the Pub- lick or any Private Person may be injured; upon Report or Complaint made thereof to any three of the Justices of the Respective Counties to which they be- long (Quorum unus) the said Justices are hereby re- quired and Commanded to Issue out their Precepts According to the Direction of this Act to Call together the Justices and ffreeholders chosen in each Town or Precinct to meet at such Time & place as by the said Justices in their Precept Shall be appointed to hear and Determine Summarily the said Complaint, and 4
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upon Sufficient proof made to any three of the said Justices (Quorum Unus) with the major part of the said Freeholders in and for the said County of any failure or neglect in his or their said Office as Aforesd then & in that case the said Majority of the said ffree- holders with Concurrence of three Justices as afore- said, Shall proceed to Elect & Choose and are hereby required & Commanded to Elect & Chuse a Person or Persons in the room and Stead of Such Defaulter or Defaulters, which Commissioner or Commissioners so Chosen by the Justices and ffreeholders as before having entered into Bond & been Qualified in like manner as the Other Commissioners as in and by this Act is Directed, Shall have all the Powers Privilidges & Advantages, and be Subject to all the pains Penal- ties and forfeitures which any of the said Commission- ers of the County for which he is so Appointed are Vested with Entitled to Charged with or Subject to by Virtue of this Act.
And be it further Enacted by the Authority Afore- said that if any of the Commissioners to be Chosen by Virtue of this Act Shall at any Time hereafter desire to be Discharged of and from the said Office he or they Applying him or themselves to the Justices of the Peace of the County or any three of them whereof One to be of the Quorum and the Majority of the Free- holders before mentioned, and rendring an Account of his or their Proceedings in the said Office and it Ap pearing upon Examination that the said Com nis- sioner or Commissioners hath or have faithfully demeaned him or themselves in the Discharge of the said Office According to the true intent & meaning of this Act, then and in such Case Such Commissioner or Commissioners Shall be by the said Justices & free- holders Discharged off and from the said Office, and another or Other fit Person or Persons Appointed to Supply that place or places who Shall take the Same
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Oath or Affirmation, give the like Security, be under & Subject to the same ristrictions & regulations, and receive the Same Salaries & Advantages whatsoever as the Other Commissioners for that County may or ought to do by Virtue of this Act.
And be it Enacted by the Authority Aforesaid that if Any Person or Persons who shall borrow money out of the Loan Office of any of the respective Counties of this Province Shall neglect to bring in and pay or Cause to be brought in & paid yearly and Every year on the Last Tuesday of March or within thirty days thereafter on one of the days which the Commissioners Aforesaid are hereby directed to attend the respective Loan Offices, the part or parts of the Principal and In- terest become due by the Mortgage or Mortgages given as aforesaid then & in such Case the Commissioners of the Loan Office to which the Same Mortgage or Mortgages were Granted Shall be Seized of an Abso- lute and Indefeizable Estate in the Lands, Houses, Tenements and Hereditamts thereby Mortgaged to them their Successors and Assigns to the uses in this Act mentioned, and the Mortgagor or Mortgagors, his her or their Heirs and Assigns Shall be utterly fore Closed and barred of all Equity of redemption, of the Mortgaged Premises Any Law usage custom or prac- tice in Courts of Equity to the Contrary Notwith- standing.
And be it Enacted by the Authority Aforesaid that the said Commissioners respectively Shall forthwith after the thirty days before mentioned yearly & Every year give Sufficient directions which they are to take Care Shall be Observed for fixing up advertizements at three of the most publick Places in at least three or or more Distinct Towns or precincts of the County where the Premises are Situate of all the Lands Con- tained in the Mortgages whereof the Equity of Re- demption is foreclosed as aforesaid Describing the
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Quantities & Situation of the Same, and that on the Second Tuesday of June thereafter they are to be sold at the Court House of the respective County where the Lands lie by way of Publick Vendue to the Highest Bidder.
And be it further Enacted by the Authority Afore- said that the Commissioners of the respective Counties, Shall on the Second Tuesday of June yearly expose the Lands Contained in the Mortgage or Mortgages (Whereof the Equity of redemption is foreclosed as aforesd) to Sale by Way of Public Vendue and upon Sale Shall Convey them to the buyer or Buyers thereof, who shall pay for their Deeds no more than five Shil- lings which Deed Shall be in the form following.
This Indenture made the - day of - in the - - year of the Reign of our Sovereign Lord George the Second by the Grace of God of Great Britain France and Ireland King, defender of the faith &c Anno. Dom: One Thousand Seven Hundred and - Between the Commissioners of the Loan Office of the County of - of the One part, and - of the Other part Witnesseth that the Commissioners of the Loan Office of the County of - - for and in Consideration of the Sum of - to them in hand paid, whereof they Grant the receipt and Discharge of the said - his Heirs Executors and'Administrators thereof for ever Have Pursuant to an Act of the General Assembly of this province, entitled an Act for making Current Seventy Thousand pounds in Bills of Credit for Assisting his Majesty & the Neighboring Colonies to dispossess the french from his Majestys Lands on or near the River Ohio, and Other purposes therein mentioned, Granted bargained Sold released enfeoffed & Confirmed; and by these Presents do Grant Bargain sell release enfeoff and Confirm unto the said - - his Heirs and Assigns forever, All that - together with all & all manner of woods under woods Trees Mines Minerals Quaries
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Hawkings Huntings fowlings fishings Buildings fences Improvements Hereditaments and Appurtenances whatsoever to the Same belonging or in any ways Appertaining, and all the Estate Right Title Interest Claims possession property and Demand whatsoever of the Commissioners of the Loan Office of the County of -- and their Successors, to the Above bargained premises and every part thereof, to Have and to Hold the Above Bargained premises and every part thereof, with the Appurtenances to the said - his Heirs
and Assigns to the sole and only proper use benefit and behoof of the said - his Heirs and Assigns forever. In Witness Whereof the Commissioners of the Loan Office of the County of - have hereunto Set the Seal of their Corporation together with their Hands the day & year Above Written.
Sealed & Delivered In the Presence of
And when the said Lands & Hereditaments Shall be Sold as aforesaid the Person or Persons to whom they shall be Sold Shall and may Hold and Enjoy the Same with their Appurtenances for such estate as they were Sold, Clearly discharged and freed from all Benefit & Equity of Redemption and all Other Incumbrances made & Suffered by the Mortgagor his or her heirs or Assigns, and Such Sales Shall be Available in Law & Equity.
And be it further Enacted by the Authority Afore- said that the Money or price for which the said Lands shall be sold, upon the Sale thereof Shall be paid in to the Said Commissioners, out of which they shall re- tain in their Hands what has not before been paid in of the whole principal Lent together with the Interest that has become due thereon untill the day of the Sale thereof, as also the Expence of the Advertisements & of the Sale, the sum not Exceeding fifteen Shillings and the remainder (if any be) the Commissioners Shall pay to the Mortgagor his or her Heirs or assigns and
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in Case such Sale Shall happen during the first Eight years Currency of the said Bills but not after, the said principal Sums so received on the Sale Shall be re- emitted in the manner herein before directed in Respect to the Sums of money paid in to the said Loan Officers during the first Eight years Currency of the said Bills.
Provided Always that in Case the Buyer or any Other Person or Persons have then an Inclination to borrow the whole or any part of the Principal so paid in (which ought not to have been sunk before that Time) upon the Terms herein before mentioned the Commissioners being Satisfyed of the Security to be given by him or them in manner Aforesaid may either Lend him or them the Same or let the buyer retain it in his hands upon giving Security by Mortgage as Aforesaid.
And be it further Enacted by the Authority Aforesaid that if after any Lands Tenements or Hereditaments are Mortgaged to any of the Aforesaid Commissioners of the Respective Loan offices in this Province Accord- ing to the directions of this Act, it Shall Appear to the Same Commissioners upon Good Sufficient Grounds which they Shall insert in the Minute Book of their proceedings that the Mortgagor had no good Right or Title to the Lands Tenements or Hereditaments or any of them so Mortgaged as Aforesaid so that the Publick may be in danger of Loosing the mnonies or any part thereof Advanced in Loan upon the Credit of the said Premises it shall & may be Lawfull to and for the said Commissioners & they are hereby required & Impowered to Commence any Action or Actions of debt or Covenant upon the said Mortgage against the said Mortgagor his or her Heirs Executors or Admin- istrators, & the Same to Prosecute to Judgment & Execution in any Court of Record within this province or any Other of his Majesty's Governments for the recovery of the whole monies Lent upon the said Mort-
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gage and Interest become due with Cost, & Charges by all Lawfull ways and means whatsoever. In which Action or Actions the Defendant Shall be held to Spec- ial Bail, and the Court or Courts in which the Same Action Shall be brought are hereby Authorized and Directed to give Such Short days for the Rules of pleading therein, that Judgment, or a Trial & final de- termination of the said Actions may be had the first Court After the Court before which the Defendant Appeared to the Same Action, and Such Actions (if the Defendant can be found within this Province) Shall be brought in the County where the Cause of Action Arises.
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