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principal borrowed by any person from any loan-office in any loanthis state, shall at any time be paid or come into any such office at any time repaid loan-office, no part thereof shall be re-loaned, but the same not to be re loaned. shall be paid to the treasurer of this state, together with the money received in such loan-office for interest, and shall be disposed of in the same manner as the said interest.

An ACT to prolong the Time for collecting the Arrears
of Taxes heretofore made receivable in Public Securi-
ties, and to direct the Apportionment of Losses sustained
on Monies loaned by the People of this State, in the
Counties of Albany and Columbia.

Passed 27th February, 1789. Sess. 12, ch. 34.
[The 5th and 6th fections only related to loan-officers.]

FOURTEENTH SESSION.

CHAP. XL.

An ACT for the Direction of the Loan-Officers, and for the Apportionment of Losses on the Monies loaned by the Peo ple of this State, in the late Counties of Albany and Montgomery.

Passed 21st March, 179.

E it enacted by the People of the State of New-York, Lands mort

B represented in Senate and Assembly, to

by enacted by the authority of the same, That when any lands, tenements or herditaments, mortgaged to the loan-officers of any city or county, shall be exposed to sale by the loan-officers, according to the act, entitled An act for emitting the sum of two hundred thousand pounds in bills of credit for the purposes therein mentioned, and no person shall bid or offer at such sale to give for the same lands, tenements or hereditaments the sum of money for which the same were mortgaged and then remaining unpaid, with the interest then due thereon, or if any person to whom any such lands, tenements or hereditaments shall at any such sale be struck off, shall not pay for the same, then and in every such case the loan-officers shall enter into and take possession of the said lands, tenements and hereditaments, and let the same upon the best terms they can for the benefit of the county, until the third Tuesday of April then next, and shall on the same third Tuesday in April then next, sell the same lands, tenements and hereditaments at public vendue to the highest bidder, giving at least six weeks notice of such sale in the manner directed by the said act; and if any deficiency shall happen by such sale, the loan-officers shall give notice thereof to the supervisors of the county in which the lands, tenements and hereditaments are situated, at their then next meeting, who shall cause such deficiency to be raised and paid to

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the loan-officers on or before the first Tuesday in October then next, but if the mortgagor, or his heirs or assigns, shall at any time before the sale of the mortgaged premises, pay to the loan-officers all such sums as shall be payable on such mortgage on the third Tuesday of June then next, for principal and interest, together with the charges of advertising the same, then the said loan-officers shall accept the same, and permit the said owner, or his heirs or assigns, to take possession of the said mortgaged premises, and to hold the same until default shall be made in the payment of any further sum on the said mortgage.

[Refidue of this act prefumed to be obsolete.]

An ACT to grant an additional Compensation to the Loan-
Officers for the Counties of Albany and Montgomery,
and relating to the Loan-Officers of the said Counties.
Passed 11th April, 1792. Sess. 15, ch. 71.

An ACT relative to the Loan-Officers in the County of
Montgomery.

Passed 12th March, 1793. Sess. 16, ch. 61.

EIGHTEENTH SESSION. CHAP. LXVIII.

V.

An ACT relative to the Funds of this State.

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Passed the 9th of April, 1795. ND be it further enacted by the authority aforesaid,

June last was indebted to the people of this state for money loaned by any of the loan-officers within this state, in conformity to the act, entitled An act for emitting the sum of two hundred thousand pounds in bills of credit for the purpo¬ ses therein mentioned, passed the eighteenth of April, one thousand seven hundred and eighty-six, and who have paid what was due on the principal and interest of the said loan to the said third Tuesday of June last, shall have the option to retain the whole residue of the principal so due as aforesaid, until the third Tuesday in June in the year of our Lord one thousand eight hundred and five, or to pay the same residue by instalments, in conformity to the said act; Provided always, That the interest arising on such residue shall be annually paid agreeable to the directions in the said act contained; any thing in the said act to the contrary thereof notwithstanding.

[Refidue of this "act, except the 5th sec, did not relate to this fubject.]

An ACT relative to the Treasury of this State.
Passed 19th March, 1798. Sess. 21, ch. 38.
[The last feq. only of this act related to the subject.]

TWENTY-SECOND SESSION. CHAP. XCIV. An ACT for the Payment of certain Officers of Government, and other contingent Expenses.

XXII.

A

Passed 3d April, 1799.

ND be it further enacted, That hereafter the bills of credit emitted the eighth day of February one thousand seven hundred and eighty-eight, as directed by the forty-ninth section of the act passed the 18th day of April, 1786, shall not be cancelled; but the same shall be and hereby are made subject to the direction of the legislature, for the purpose of satisfying the demands on the treasury of this state, any thing in the said section to the contrary notwithstanding; and the faith of the state is hereby pledged that due provision be made for the redemption of the same.

II.

New Loan Office.

FIFTEENTH SESSION. CHAP. XXV.
An ACT for loaning Monies belonging to this State.
Passed 14th March, 1792.

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ND be it further enacted by the authority aforesaid, Loan-officers That before the said loan-officers shall respec- rity. to give fecutively enter upon their said office, every of them shall give bond to the people of the state of New-York, with、 such sufficient security as shall be approved of by one or more of the judges of the court of common pleas of the county, together with a majority of the supervisors of the same county, signified by signing such his and their approbation on the back of the said bond, which bond shall be in the full sum by this act committed to his charge, with condition for the true and faithful performance of his of fice and duty, and that without favour, malice or partiality.

III. And be it further enacted by the authority aforesaid, Their oath. That each loan-officer respectively shall take the following oath, viz.

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do swear, that I will according to the best of my skill and knowledge, faithfully, impartially and truly demean myself in discharge of the trust committed to me as one of the loan-officers of the county of by the act, entitled An act for loaning monies belonging to this state, according to the purport, true intent and meaning of the said act, so as the public may not be prejudiced by my consent, privity or procurement.

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Which oath shall be administered by any justice of the peace, and be indorsed on the said bond, and be signed by such justice and loan-officer, and the bond so indorsed shall be lodged with the clerk of the county, who upon receipt thereof shall give the loan-officer a certificate that such bond indorsed as aforesaid is lodged with him, which` certificate shall be delivered to the treasurer of this state, on his delivering to the loan-officer the money herein after directed to be delivered to such loan-officer, and every such bond and the indorsements thereon, shall be recorded by the clerk; and in case of the forfeiture of any such bond, the major part of the supervisors of the county may direct the same bond to be put in suit, and the monies recovered by virtue thereof shall be applied to the use of the county.

IV. And be it further enacted by the authority aforesaid, Fate powers. That the new loan-officers of the several counties shall respectively be bodies politic and corporate, in fact and in law, by the name and style of " The new loan-officers of the county," of which they are respectively loan-officers, with full power to every of the said bodies politic, to have and use a common seal, and under the same seal and in the name of the same bodies politic to give receipts, to take mortgages, and execute releases and conveyances of the mortgaged premises, and to sue and be sued, and generally with all such powers as are necessary for the due execution of the trusts reposed in them by this act.

Intereft and principal of the monies Joaned when

payable.

IX. And be it further enacted by the authority aforesaid, That the interest of the money lent out as aforesaid, shall be payable yearly, on the first Tuesday in May in every year, and it shall be optional with the borrowers to repay the principal sum at any time before the first day of May, one thousand eight hundred and two; and if legislative provision shall be made for the payment of the said principal, or any part thereof after the said first day of May, one thousand eight hundred and two, the borrower shall be allowed the farther time of one year for the repayment thereof, and the respective loan-officers are hereby required, at the lending of the money, to take the security for the same accordingly; and the said loan-officers for every sum paid to them, shall give to the person paying the same a receipt, and shall enter one minute of the same payment on the back of the mortgage, and another minute thereof in the book of accounts by them to be kept, and that without any fee or reward; but if the borrower, his heirs, executors, administrators or assigns, shall pay in a fourth, or a half part, or three quarters, or the whole of the principal due to the said loan-officers, on any first Tuesday of May in any year, the said loan-officers are hereby required and empowered to receive the same op the said first Tuesday of May annually, and on no oth

er day of the year, unless so many shall offer payment on that day, that the said loan-officers cannot within the day receive the whole; and in that case, they are to continue to receive until all who on that day offered, have paid the monies so offered, or unless he brings with him another sufficient borrower, to give new security to the satisfaction of the loan-officers, for the whole of the money by him paid in, and in that case the loan-officers shall accept thereof, on any of their stated days of meeting; and when the whole of the principal and interest is paid, the said loan-officers shall (if required) give the party paying a release of the mortgage given by the borrower, and shall tear off the name and seal and make an entry on the margin of the mortgage, and in the margin of the minute made thereof, that on such day and year, such release was made, for which release the releasee shall pay the sum of two shillings, and no more; and when any parts of the principal are paid in as aforesaid, the loan-officers shall at the end of that meeting compute the whole of the principal so paid in, and give public notice of the amount thereof by advertisements set up, and that they are ready to lend the said monies to such persons as shall appear to be qualified according to the direction of this act to borrow the same, and in the lending and taking security, shall conform themselves (as near as the circumstances of the case can admit) to the directions herein before prescribed; and if any money shall remain in their hands for want of borrowers, they shall set up advertisements for the amount thereof, and continue to do the like at the end of every of their stated meetings.

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pal and inter ged. loan offi cers to give a mortgage.

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X. And be it further enacted by the authority aforesaid, Vacancies how fupplied. That in case any of the new loan-officers shall remove out of the county, die or neglect or refuse to perform the duty required or enjoined him by this act, or shall behave himself in his office with favour, affection, partiality or malice, whereby the public or any private person may be injured, upon report or complaint made thereof to any two or more of the judges aforesaid of the county for which he is loan-officer, the said judges are hereby directed and required, by summons, to convene the judges and supervisors of the same county, to meet at such time and place as in the said precept shall be appointed, to hear and determine summarily upon the said report or complaint, and upon sufficient proof made to any one of the said judges, with a major part of the said supervisors, of any death, removal, neglect or refusal in the said office as aforesaid, then and in that case, the said majority of supervisors, with concurrence of one or more of the judges aforesaid, shall proceed in manner as herein before directed to elect, and are hereby directed and required to elect a loan-officer* in the room and stead of such deceased or ab• Such loan-officer by the ift fec. is required to be a freeholder. E.

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