Pennsylvania Act 1927-361 — ASSIGNMENT OF ENCUMBERANCES UPON TENDER OF AMOUNT DUE

Act text

ASSIGNMENT OF ENCUMBERANCES UPON TENDER OF AMOUNT DUE
                  Act of May 4, 1927, P.L. 710, No. 361               Cl. 68
                                  AN ACT

     Requiring the assignment of mortgages, judgments, recognizances,
        and other securities, where the same are due, upon tender of
        the amount due together with all interest and other charges,
        by the owner of the encumbered property, his agent, attorney,
        or terre tenant.
        Section 1.  Be it enacted, &c., That it shall be lawful for
     any person or persons, natural or artificial, holding lands
     encumbered by a mortgage, judgment, recognizance, or other
     security, after the same shall become due and payable, his or
     their agent, attorney, or terre tenant, to tender to the owner
     or owners of such mortgage, judgment, recognizance, or other
     security, the full sum of money due thereon, including interest
     and any other charges due, and, upon such tender, to require the
     owner or owners to assign and transfer to such person or persons
     as the owner of the encumbered property may name, such mortgage,
     judgment, recognizance, or other security. Such assignment shall
     create no personal liability on the part of the assignor, by way
     of implied warranty, or otherwise, and any such assignment shall
     be without recourse.
        Section 2.  In case the holder of any such mortgage,
     judgment, recognizance, or other security, shall fail or refuse,
     on such tender being made, to execute an assignment or transfer
     as required, it shall be the duty of the court of common pleas
     of the county in which said mortgage, judgment, recognizance, or
     security is entered, or of the county in which the holder
     thereof resides, such court sitting in equity, to enforce, by
     decree and attachment, such assignment and transfer, and to
     order that the interest due on such mortgage, judgment, or
     recognizance, or other security shall cease from the day of such
     tender until the assignment shall be executed and delivered. The
     court shall also make such further decree as to costs as justice
     and equity may require. No such decree shall be entered unless
     it shall appear to the court that all parties holding any
     interest in the lands so encumbered have joined in the
     application for the assignment of such mortgage, judgment,
     recognizance, or security.