Pennsylvania Act 1927-267 — POSTPONEMENT OF LIEN AUTHORIZED

Act text

POSTPONEMENT OF LIEN AUTHORIZED
                 Act of Apr. 27, 1927, P.L. 409, No. 267              Cl. 68
                                  AN ACT

     Providing for the postponement of the lien of a mortgage and
        bond accompanying the same to the lien of another mortgage or
        mortgages and bond accompanying, and providing for the
        recording of the agreement therefor.
        Section 1.  Be it enacted, &c., That in every case where a
     mortgage has been or shall hereafter be made and recorded in the
     proper office in the county in which the land mortgaged is
     situated, it shall be lawful for the mortgagee or mortgagees,
     his or their heirs, executors, administrators, or assigns, and,
     in the case of a corporate mortgagee, its successors and
     assigns, to postpone the lien of such mortgage or mortgages on
     the mortgaged premises, and the bond or bonds accompanying the
     same, to the lien of a subsequent mortgage or mortgages, and the
     bond or bonds accompanying the same, on the same mortgaged
     premises, (a) by entering a postponement upon the margin of the
     record of such mortgage, which postponement shall state the date
     and place of record of, and the names of the parties to, the
     subsequent mortgage or mortgages to which mortgage or mortgages
     the said entry of postponement is intended to subordinate the
     lien of the mortgage or mortgages to be postponed, which
     postponement shall be signed by the person or persons who are
     then the owner or owners of the said mortgage or mortgages so
     postponed, and which postponement, when attested by the recorder
     of deeds, shall be a part of the record of said mortgage, and
     shall be notice to all persons of the facts therein contained;
     or (b) by a stipulation contained in the body of the mortgage
     postponing the lien thereof to the lien of another mortgage or
     mortgages about to be recorded; or (c) by an agreement in
     writing with the mortgagor and with the subsequent mortgagee or
     mortgagees and any other person interested as owners of the
     mortgaged premises or as holders of liens thereon, duly
     acknowledged before a proper officer authorized by the State of
     Pennsylvania to take acknowledgments; which said agreement for
     the postponement of lien of mortgage and bond accompanying the
     same shall be recorded in the office of the recorder of deeds in
     the county where the mortgaged premises lie, and, if the said
     mortgaged premises lie in more than one county, then in the
     recorder of deed's office in all the counties in which said
     mortgaged premises lie; the recording of which shall be notice
     to all persons of the facts therein contained, when and only
     when a memorandum of the said agreement shall be noted by the
     said recorder of deeds upon the margin of the record of the
     mortgage or mortgages to be postponed, giving the book and page
     wherein any such postponement agreement is recorded, together
     with the date of such recording.
        For each such notation entered upon the margin of the record
     of a mortgage, the recorder of deeds shall be entitled to charge
     and receive a fee as prescribed by law for satisfactions of
     mortgages.
        All postponements heretofore made in conformity with the
     provisions of this section and this amendment are hereby
     validated. If the recorder of deeds microfilms mortgages, all
     postponements shall be by either stipulation, agreement or other
     document which shall be recorded without a marginal notation.
        (1 amended Oct. 4, 1989, P.L.582, No.61)