Pennsylvania Act 1823-129 — MORTGAGES RELATING TO

Act text

MORTGAGES RELATING TO
                 Act of Mar. 31, 1823, P.L. 216, No. 129              Cl. 68
                                  AN ACT

     Relative to mortgages.
        Section 1.  (1 repealed Apr. 28, 1978, P.L.202, No.53)
        Section 2.  Receipts for instalments entered on record;
     penalty for neglect
        In all cases of a mortgage where, by agreement, the mortgage
     is to be satisfied, paid and discharged, by instalments, the
     legal holder or holders thereof, or his agent or attorney, on
     receiving each of such instalments with all interest thereon
     due, shall receipt for the same upon the record of the mortgage
     in the proper office as they are severally paid, which receipt
     or receipts shall be a release and discharge of the said
     mortgage to the amount thus receipted for, and the mortgage
     shall not at any time be a lien on the mortgaged premises to any
     greater amount than the sum of the principal and interest
     actually remaining due, or becoming due and unpaid, and if any
     legal holder or holders, or his or their agent and attorney, of
     any mortgage, shall refuse or neglect, upon request of the
     mortgagor or mortgagors, or of his, her or their legal
     representatives, or any person owning the mortgaged premises, or
     any part thereof, on tender of the cost of office for entering
     such receipt upon the record of the mortgage, to receipt upon
     the record of such mortgage the amount of the instalments
     received, within sixty days after such request made, such holder
     or holders, or his or their agent or attorney, shall for every
     such offense, forfeit and pay unto the party or parties
     aggrieved any sum of money not exceeding the amount of the
     instalment so neglected or refused to be receipted for, to be
     recovered, sued for, and demanded, by the mortgagor or
     mortgagors, or persons damnified, in like manner as other debts
     are now recoverable by law in this Commonwealth.  1823, March
     31, P.L. 216, Sec. 2.