Pennsylvania Act 1881-105 — MORTGAGE PAYMENTS - SATISFACTION

Act text

MORTGAGE PAYMENTS - SATISFACTION
                  Act of Jun. 10, 1881, P.L. 97, No. 105              Cl. 68
                                  AN ACT

     Regulating the satisfaction of mortgages where the legal
        presumption of the payment of the same exists from the lapse
        of time, and no satisfaction of record appears.

        Compiler's Note.  Act 105 was suspended by Pennsylvania Rule
            of Civil Procedure No. 1068(b), adopted March 11, 1991.
        Section 1.  Satisfaction in case of presumption of payment
     from lapse of time
        In all cases where the legal presumption of the payment of
     mortgages shall exist from lapse of time, and no satisfaction
     appears on the record thereof, it shall be lawful for the owner
     or owners of the mortgaged premises to apply by petition to the
     court of common pleas of the county where the mortgaged premises
     are situate, setting forth the premises, and also the name of
     the holder or holders of the mortgage, if known, and if not
     known then stating that fact, whereupon the said court shall
     direct the sheriff of the said county to serve a notice, stating
     the facts set forth in the petition, on the holder or holders of
     the said mortgage, if to be found in the said county, and, in
     case the parties aforesaid cannot be found in the said county,
     then the said sheriff shall give public notice as aforesaid, in
     one or more newspapers published within or nearest the said
     county, once a week for four weeks successively prior to the
     then next term after the petition as aforesaid shall have been
     presented, requiring said parties to appear at said term and
     answer the petition as aforesaid; at which term, should any
     person or persons appear, claiming to be the holder or holders
     of the said mortgage, the said court shall enter a rule on the
     person or persons claiming to sue out a writ of scire facias to
     the next quarterly or monthly return day, to which it shall be
     lawful for any party to appear and defend as is now authorized
     by law, as to writs of scire facias, and in default of a
     compliance with the said rule, and in the event of a
     nonappearance of any person to answer the said petition as
     aforesaid, the said court, being satisfied of the truth of the
     said petition, are hereby authorized and required, at the same
     or any subsequent term of the said court, to decree and direct
     that satisfaction shall be entered on the record of the said
     mortgage by the recorder of the proper county, on payment of the
     costs due relative to the entry of said mortgage or any
     proceedings thereon; which said satisfaction so entered shall
     forever thereafter discharge, defeat and release the same, and
     shall likewise bar all actions brought or to be brought thereon,
     as fully and effectually to all intents and purposes as if the
     satisfaction had been entered by the legal holder or holders of
     the said mortgage. When a mortgage contains no fixed date of
     maturity or date of payment, it shall be deemed, for the purpose
     of having satisfaction entered on the record under the
     provisions of this act because of a legal presumption of payment
     from lapse of time, to have matured and the payment thereof to
     have become due one year from the date of acknowledgment of such
     mortgage.  1881, June 10, P.L. 97, Sec. 1; 1927, April 27, P.L.
     461, Sec. 1.