Pennsylvania Act 1903-258 — MORTGAGES, ASSIGNMENT AND COSTS

Act text

MORTGAGES, ASSIGNMENT AND COSTS
                 Act of Apr. 28, 1903, P.L. 327, No. 258              Cl. 68
                                  AN ACT

     Giving to the mortgagor who has parted with title to mortgaged
        premises, leaving his bond or other obligation and mortgage
        outstanding, the right, under certain conditions, to pay or
        tender payment to the holder of such bond or other obligation
        and mortgage the moneys due thereon, including costs; and to
        require the holder of the said obligation and security to
        assign the same to the said mortgagor or his nominee,
        interest on the debt and costs to cease to run from the date
        of such tender of payment, if payment be not accepted; and
        giving to the courts of common pleas power, upon petition, to
        order and direct the holder of such bond or other obligation
        and mortgage to assign and transfer the same to the mortgagor
        or his nominee, upon payment, and to enforce compliance
        therewith. And also power, in case of refusal, to make
        necessary order and decree to limit and restrict the lien,
        effect and operation of any judgment entered on such bond,
        and of process thereon, to the said mortgaged premises, and
        discharge the mortgagor from further personal liability; and
        directing the prothonotary of the court to note such order on
        the judgment index, and also certify the same to the recorder
        of deeds of the proper county, who shall record such
        certificate and note the same on the margin of the mortgage.

        Section 1.  Be it enacted, &c., That any owner of real estate
     who shall have given his bond or other obligation, secured by
     mortgage upon his real estate or any part thereof, and who shall
     afterwards have granted and conveyed the mortgaged premises to
     another, subject to the said mortgage, whether mentioned in the
     said conveyance or not, or leaving the said bond or other
     obligation and mortgage outstanding, shall have the right at any
     time after the maturity of the said bond or other obligation and
     mortgage, according to the terms and conditions thereof, to
     tender to the mortgagee or other owner or holder, at that time,
     of the said bond or other obligation and mortgage, and make
     payment of the mortgage debt and interest to date of tender,
     including cost if any; and, if entitled in equity to be
     subrogated to the rights of the holder of the bond and mortgage
     against the vendees or their heirs or assigns, owners of the
     lands, thereupon to demand and require the said mortgagee, or
     other owner or holder thereof, to assign and transfer the said
     bond or other obligation and mortgage to him, the mortgagor, or
     his nominee, at the proper cost and expense of the said
     mortgagor; and if the said mortgagee, or other owner or holder
     of the said bond or other obligation and mortgage, shall fail or
     neglect to so assign and transfer the said bond or other
     obligation and mortgage, upon such tender of payment to him or
     them, together with any judgment or judgments entered thereon,
     the interest on the mortgage debt shall cease to run on the said
     indebtedness, as against the mortgagor, from the date of such
     tender, and he shall not be liable for any costs, charges,
     commissions or expense accruing after the date of such tender;
     and if the mortgagee, or other owner or holder at that time of
     such bond or other obligation and mortgage, shall refuse to
     accept payment when so tendered, and assign, as aforesaid, the
     mortgagor shall have the right to apply by petition to the court
     of common pleas of the county in which the mortgaged premises
     are situate, setting forth the fact, and praying for an order,
     which the said court is hereby authorized to make, upon notice
     to the parties interested, after hearing, upon the mortgagee, or
     other owner or holder of the said bond or other obligation and
     mortgage, and judgments entered thereon, if any, to the
     mortgagor or his nominee, on the payment of the debt, interest
     and costs to the date of such tender, if any: Provided, however,
     and be it further enacted, if the said mortgagee, or other owner
     or holder of the said bond or other obligation and mortgage,
     shall neglect or refuse to comply with and obey the order of
     court, so made, the mortgagor shall, upon proof of such refusal,
     thereupon by further order of court be released and forever
     discharged from any further personal liability upon the bond, or
     other obligation accompanying the said mortgage, to the
     mortgagee or other owner or holder thereof, their heirs,
     executors, administrators or assigns; and that any judgment then
     or thereafter entered upon the said bond or other obligation, or
     upon the said mortgage, shall, by virtue of such order, be
     confined and restricted in its lien, effect and operation solely
     and exclusively to the mortgaged premises; and in order to give
     further notice and effect to such orders or decrees, the
     mortgagor shall also have the right, at any time after the entry
     of such orders or decrees, by leave first had and obtained of
     the court in which such judgment shall have been entered,
     obtained or recovered, to enter and file of record a certified
     copy of such orders or decrees in such suit or judgment; and the
     said court, in which the said judgment shall have been entered,
     shall thereupon make an order or decree in the said proceeding
     confirming the said orders or decrees, so made as aforesaid,
     limiting and confining the lien, effect and operation of such
     judgment to the mortgaged premises alone, and declaring the
     defendant to be released and forever discharged of and from any
     and all further personal liability to the mortgagee, or other
     owner or holder thereof, their heirs, executors, administrators
     or assigns, for the payment of the said indebtedness; and all
     process of whatsoever kind or nature, upon the said judgment,
     shall, after the entry of such order or decree, be limited and
     confined in the lien, effect and operation to the mortgaged
     premises. The prothonotary of the court of common pleas in which
     the said judgment shall have been or shall be entered, shall
     make a note of the entry of such order or decree on the margin
     of the judgment index, opposite the name of the defendant, and
     shall also, at the request of any party of interest, certify the
     said order or decree to the recorder of deeds of the proper
     county, who shall record the same in his office and note the
     same on the margin of the said mortgage.