New York (State).

The colonial laws of New York from the year 1664 to the Revolution : including the charters to the Duke of York, the commissions and instructions to colonial governors, the Duke's laws, the laws of the Dongan and Leisler Assemblies, the charters of Albany and New York and the acts of the colonial le online

. (page 16 of 92)
Online LibraryNew York (State)The colonial laws of New York from the year 1664 to the Revolution : including the charters to the Duke of York, the commissions and instructions to colonial governors, the Duke's laws, the laws of the Dongan and Leisler Assemblies, the charters of Albany and New York and the acts of the colonial le → online text (page 16 of 92)
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X AND BE IT ENACTED by the Authority aforesaid that
the Vestrymen of the City and County of New York and Supervis-
ors of the several Counties of this Colony shall at every of their
Meetings after the said first Tuesday in March with the Judge or
Judges aforesaid directed by this Act, in the first Place take the
Oath or Affirmation before any Justice of the Peace in the Words
following. t

** I A B. will according to the best of my Judgment and knowl-
** edge well and truly execute the Trust reposed in me by an Act
**of the General Assembly of this Colony intitled An Act for
** emitting the Sum of one hundred and twenty thousand Pounds
** in Bills of "Credit to be put out on Loan and to appropriate the
^Interest arising thereon to the payment of the Debts of this
^ Colony, and to such Public Exigencies as the Circumstances of
*Uhis Colony may from Time to Time render necessary. And
** that without any favour Malice or Partiality, so help me God "

XI AND BE IT ENACTED by the Authority aforesaid. That
the Loan Officers of each of the Cities and Counties aforesaid
respectively when elected, appointed and qualified accbrding to
the Directions of this Act shall be Bodies Politick and Corporate
in fact and in Law, that is to say.

The Loan Officers for the City and County of New York shall
be one Body Politick and Corporate by the Name of The Loan
Offers of the City and County of New York.

The Loan Officers for the City and County of Albany shall be
one Body Politick and Corporate by the Name of. The Loan
Officers of the City and County of Albany.

The Loan Officers for King's County shall be one Body Politick
and Corporate by the Name of The Loan Officers of King's
County.

The Loan Officers for Queen's County shall be one Body Politick



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LAWS OF THE COLONY OF KEW. YOBK. 135

ana Corporate by the Name of The Loan OiBcers of (Sneen'e
County*

The Loan OiBcers for BnfFolk Connty shall be one Body Politick
and Corporate by the Name of The Loan Officers of Suffolk
Connty.

The Loan Officers for Richmond Connty shall be one Body
Politick and Corporate by the Name of The Loan Officers of Bich-
mond County.

^ The Loan Officers for West Chester County shall be one Body
Politick and Corporate by the Name of The Loan Officers of West
Chester County,

The Loan Officers for Dutchess County shall be one Body
Politick and Corporate by the Name of The Loan Officers of
Dutchess County.

The Loan Officers- for Orange County shall be one Body Politick
and Corporate by the Name of The Loan Officers of Orange
County, and,

The Loan Officers for Ulster County shall be one Body Politick
and Corporate by the Name of The Loan Officers of Ulster
County.

With full Power to every of the said Bodies Politick to use a
common Seal, and by the same Seal and in the Name of such
Body Politick to grant Receipts, receive Mortgages, and again
to grant the same away, to sue and be sued, and generally with all
such Powers as are necessary to be used for the due Execution of
the Trust reposed in the said Loan Officers by this Act, any Law
usage or Custom to the contrary in any wise notwithstanding.

XII AND BE IT ENACTED by the Authority aforesaid That
when the said Loan Officers respectively have qualified themselves
as above in this Act is directed they shall receive the said Bills
of Credit signed by two of the four Signers first named as afore-
said and Treasurer, which Bills of Credit so signed shall be let
out to such as shall apply for the same, and can and will give
security to the said Loan Officers by Mortgage on Lands, Lots,
Houses or other valuable Improvements lying in the same City
or County, they the said Loan Officers first giving Public Notice
as in other Cases by this Act directed for Notices, by Advertise-
ments set up, that on a Certain Day, at least ten Days after set-
ting them up, they will be ready to receive Borrowers qualified
according to the Directions of this Act, and as on that Day Bor-
rowers do offer, their Names and Sums they Demand shall be



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166 LAWS OP THE CX)LONY OF NEW YORK.

orderly entered down in the Minute Book of proceedings, and
eyery one shall be seryed according to the Priority of thoir
Demands if reasonable Objections be not against the Title and
Value of the Lands offered to be Mortgaged or some other snf*
flcient Reason which shall be entered also in the Minute Book of
proceedings PROVIDED ALWAYS that if upon the first Day
so many Borrowers do offer as to demand a greater Sum than the
whole Sum in that County to be lent out, then and in that Case
eyery such Borrower shall be abated of the Sum he demanded
proportionably.

XIIL AND BE IT ENACTED that the said Loan Officers
respectiyely before they accept of any Lands, Lots, Houses, or
other Improyements in Mortgage for any of the said Bills, they
shall first yiew what is so offered in Mortgage or make due
enquiry into the yalue thereof, and then shall examine the Titles
thereto by perusing the Deeds, Patents Suryeys and other writ-
ings and Conyeyances by which the same is held and by which the
yalue and Quantity may be the better known, and the said Loan
Officers respectiyely are hereby also impowered and required to
administer to all Persons applying for any of the said Bills as
aforesaid the following Oath or Affirmation if Quakers to wit

^^ I A B. am Bona fide seized in Fee Simple of the Lands Tene-
" ments and Hereditaments by me now offered to be mortgaged
" in my own Right, and to my own use, and the same were not
" conyeyed to me in Trust for the use of any Person nor with
" Intent to borrow any Sum or Sums of Money upon the Same for
"the use of any other Person or Persons whatsoeyer, and the
"premises are free and clear from any other or former Gift,
"Grant, Sale Mortgage, Judgment, Extent, Recognizance, or
"other Incumbrance whatsoeyer to my knowledge, except the
" Rent issuing thereout to our Lord the King, so help me God/*

XIV. AND BE IT ENACTED by the Authority aforesaid that
the Loan Officers of the said Cities and Counties respectiyely upon
finding Borrowers qualified, and the Loan Officers being satisfied
as aforesaid are hereby required, and by virtue of this Act haye
. full Power to lend out the Bills deliyered to them as aforesaid at
the Interest of fiye per Cent per Annum for the Term of fourteen
Years from the third Tuesday of April next to come, to be paid
In again by payments to be made as herein after directed in sums
not exceeding three hundred Pounds, and not under twenty fiye
Pounds (unless the Proportion as aforesaid be less) to any one



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lAWS OE THE C0L02IY OP NFW TOBK. (IB1I

Person, %he said Loan Officers taking Becnrltr for iKe same by,
way of Mortgage as aforesaid, of at least double the ralue In
Lands Tenements and Hereditaments, and of at least tliree Times
the Value In Houses within the said respective Cities and Coun-
ties, and administring an Oath or Affirmation to the Borrower
as aforesaid, and the said Mortgage shall be executed before two
or more lawful Witnesses signing thereto, and the Substance
thereof shall be Minuted in a Book to be by the said Loan Officers
kept for that purpose in each respective City and County, for
the making of which Mortgage and Minute the Borrower shall
pay to the said Loan Officers the Bum of four Shillings and no
more, which Mortgage and Minute shall be and each of them
are hereby declared to be matter of Record and an attested
Copy of the said Mortgage if in being, or of the said Minute in
Case the Mortgage is lost under the Hands of the Loan Officers
and Seal of the Loan Office, shall be good Evidence of the said
Mortgage in any Court within this Colony.

XV AND BE IT ENACTED by the Authority aforesaid. That
the Interest of the Money lent out as aforesaid shall be payable
yearly on the third Tuesday of April to the Loan Officers; and the
principals of all the Monies lent out as aforesaid shall be paid
In again in the manner following, that is to say, one tenth Part
of the Principal Money on the third Tuesday of April which will
be in the Tear of our Lord one thousand seven hundred and sev-
cnty six, one other tenth Part thereof on the third Tuesday of
April which will be in the Year of our Lord one thousand seven
hundred and seventy seven, one other tenth Part thereof on the
third Tuesday of April which will be in the Year of our Lord
one thousand seven hundred and seventy eight, one other tenthi
Part thereof on the third Tuesday of April which will be in the
Tear of our Lord one thousand seven hundred and seventy nine,
one other tenth Part thereof on the third Tuesday of April which
will be in the Year of our Lord one thousand seven hundred and
felghty, one other tenth Part thereof on the third Tuesday of
April which will be in the Year of our Lord one thousand seven
hundred and eighty one, one other tenth Part thereof on the third
Tuesday of April which will be in the Year of our Lord one thou*
sand seven hundred and eighty two. one other tenth Part thereof
on the third Tuesday of April which will be in the Year of our
Lord one thousand seven hundred and eighty three, one other
tenth Part thereof on the third Tuesday of April which will be



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168 IjLWS op the colony OP NE\Y YOUTL

!n tHe Tear of onr Lord one thonsana seven hundred and elgli^
four, and the remaining tenth Part thereof on the third Tuesday
of April which will be in the Year of our Lord one thousand seven
hundred and eighty flye. And the respective Loan Officers at the
lending of the Money are hereby required to take the Security for
the same accordingly, and the said Loan Officers for every Sum
paid to them shall give to the payer a Receipt and shall also
enter one Minute of the same payment on the Back of the Mort-
gage, 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 or Administrators shall see
y^ause to pay in a fourth, or a half, or three Quarters or the
whole of the principal due to the said Loan Officer on any third
Tuesday of April before the said third Tuesday of April one thou-
sand seven hundred and eighty five, the said Loan Officers
are hereby impowered and required to receive the same, on the
third Tuesday of April annually, and no other Day of the Year
unless so many do offer payment on that Day, that the Loan
Officers cannot within the Day receive the whole; and in that
Case they are to continue to receive until all that on that Day
offered, have paid in the Monies so offered, and unless he brings
along 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 Officer shall accept
thereof, on any of their stated Days of Meeting, and when the
whole 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 in the Margin of the Mortgage, and in the Margin of
the Minute made thereof, that such a 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 Principals
are paid in as aforesaid before the said third Tuesday of April
one thousand seven hundred and eighty five, the Loan Officers
shall at the End of that meeting compute the Sum of the whole
prfncipals so paid in and give Public Notice of the Sum by
Advertisements set up, and that on that Day Week they will be
ready to receive Borrowers of the said Monies, to whom the said
Loan Officers shall lend the same out, and in the lending and
taking Security shall Conform themselves, as near as the Circum-
etances of the Case can admit; to the Directions herein before



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lAWS OP THE COLONY OP NEW^TOEK. 159

prescribed^ and if any Monies still remain in their Hands for
want of Borrowers, they shall set up Advertisements of the Sum
thereof, and continue to do the like at the End of every of their
stated Meetings.

XVI. AND BE IT ENACTED That in Case any Loan Officer
shall die or remove or neglect delay or refuse, or omit performing
the Duty required or enjoined him by this Act, or shall tehave
himself in his Office with favour affection Partiality or Malice
whereby the Public or any Private Person may be injured, upon
Beport or Complaint made thereof to any two or more of the
Judges aforesaid of the respective Counties, or to the Justices
and Vestrymen of the City of New York, to which he belongs,
the said Judges are hereby required and commanded to issue
out their precepts to call together 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 or more of the said Judges with the Major Part of the
said Supervisors of any Death, Removal, Failure or Neglect in
the said Office as aforesaid, then and in that Case the said
Majority of the Supervisors with Concurrence of one or more
of the Judges aforesaid shall proceed in manner as herein before
directed to elect and choose, and are hereby required and com-
manded to elect and choose a Loan Officer in the Room and stead
of such deceased or absent person or Omitter or Defaulter, which
Loan Officer so chosen as aforesaid having entered into Bond and
been qualified in like Manner as other Loan Officers are by this
iAct directed, shall then have all the Powers, Privileges and
Advantages, and be subject to all the Pains, Penalties and For-
feitures which any of the Loan Officers of the County elected as
aforesaid are vested with, entitled to, chaoged with, or subject
to by virtue of this Act.

XVII AND BE IT ENACTED That if any of the Loan Officers
hereafter to be elected and appointed by Virtue of this Act shall
at any Time hereafter desire to be discharged of and from the
said Office he applying himself to any one or more of the Judges
aforesaid for that purpose, he or they shall upon that application
Issue their precept to summon the Judges aforesaid and Supervis*
ors to meet at a place and Day by the said precepl prefixed, to
whom when met, the said Loan Officer shall produce or render
an Account of his proceedings in his said Office^ and if it appear



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160 LAWS OP THE COLONY OP NEW YOIIK.

upon examination that the said Loan Officer hath faithfully
demeaned himself in the Discharge of his Aaid Office according
to the true Intent and meaning of this Act, then and in such
Case such Loan Officer shall by the Majority of the Supeinrisora
with the Concurrence of the said Judges be discharged of and
from Ijiis said Office, and another lit Person shall be by them
elected and appointed to supply his place who shall take the
same Oath or Affirmation, give the like security, be under and
subject to the like Penalties, Restrictions and Regulations, and
receive the same Salaries and Advantages whatsoever as the
other Loan Officers for that County by virtue of this Act are
liable, subject or entitled unto.

XVIIL AND BE IT ENACTED by the Authority aforesaid
that when a Loan Officer shall be chosen and Qualified, as herein
is directed in the place of a former Loan Officer such former
Loan Officer, his Executors or Administrators shall upon Demand*
deliver to the new Loan Officer chosen in his Place and qualified
as aforesaid, all the Monies Books and Papers that were in such
former Loan Officer's Custody, belonging to his Office upon Oath
before any Justice of the Peace, and in Case any such former
Loan Officfer, or his Executors or Administrators, shall deny delay
or refuse to make such Delivery on Oath when demanded as
afore»^id, the Bond of such former Loan Officer shall be forfeited.

XIX. BE IT ALSO ENACTED That if any Borrower shall
neglect to bring in and pay or cause to be brought in and paid
Yearly and every Year on the third Tuesday of April or within
twenty two Days thereafter, on one of the Days which the Loan
Officers aforesaid are by this Act directed to attend the respective
Loan Offices, the Yearly Interests due by his Mortgage and also
the Part of the Principal as it becomes payable, then and in either
of these Cases, the Loan Officers to whom such Mortgage was
granted shall be seized of an absolute indefeazible Estate m the
Lands, Houses, Tenements and Hereditaments thereby Mort-
gaged to them, their Successors and Assigns to the uses in this
Act mentioned, and the Mortgagor his or her Heirs and Assigns
shall be utterly foreclosed and barred of all equity of Redemption
of the mortgaged premises, any Law usage or Custom, or Practice
In Courts of, Equity to the contrary notwithstanding.

XX. BE IT FURTHER ENACTED That the said Loan
Officers respectively shall attend the Loan Office every year to
receive the Monies by this Act directed to be paid into them upon



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LAWS OP THE COLONY OP NEW4. TOEK. .161

the third Tuesday of A^pril, and thereafter on the Tuesdajr In
each Week for the Term of three Weeks.

XXI. AND BE IT ENACTED That the Loan Officers shall In
the Evening of the last of the Taesdays aforesaid Yearly and
every Year give sufficient Directions, which they are to take care
shall be observed for fixing up Advertisements at three of the
most Public Places in at least three or more distinct Towns or
Precincts of the County where the premises are situate of all the
Lands contained in the Mortgages whereof the equity of Redemp-
tion is foreclosed as aforesaid describing the Quantity and situa-
tion of the same and that on the last Tuesday of June in the same
(Year they are to be sold at the Court House of the respective
County where the Lands lye by way of Publio Vendue to the
highest Bidder.

XXIL BE IT LIKEWISE ENACTED That the Loan Officers
Df the respective Cities and Counties aforesaid shall on the said
last Tuesday of June Yearly expose the Lands in the Mortgages
foreclosed as aforesaid to sale by way of Public Vendue and upon
Bale shall convey them to the highest Bidder or Bidders who shall
pay for their Deeds five Shillings and the Buyer or Buyers shall
and may hold and enjoy the same for such Estate as they were
Bold clearly discharged and freed from all Benefit and Equity of
Kedemption, and all other Incumbrances madi£ and suffered by
the Mortgagor, his or her Heirs or Assi&:ns and such Sales shall
be available in Law and iCquity.

XXIII. AND BE IT ENACTED That the Money or Price for
which the Premises are sold shall upon the Sale thereof be paid
to the said Loan Officers, out of which they shall retain in their
(Hands, what has not been paid in of the whole principoJ lent,
together with the Interest that has become due thereon and
might become due until the third Tuesday of April next there-
after, as also the Expence of the Advertisements, and of the Sale,
the same not exceeding fifteen Shillings, and the remainder (if
any be) the Loan Officers shall pay to the Mortgagor his or her
Heirs or Assigns. PROVIDED ALWAYS That if any Person
or Persons Offer at the Time of the sale to borrow (on sufficient
security within this Act) the whole Principal that is to be retained
out of the Price and lent out again, then and in that Case the Loan
Officers shall not retain Interest beyond the Day of Sale. PRO-
VIDED ALSO that if the Buyer incline to be the Borrower of
the Principal or Principals that is or are to be paid in by him
Vol. V. 21



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ICa LAWS OF THE COLONY OF NEW TORE.

end lent oat again, and if the Loan Officers be satisfled of the
Security to be given by him in manner aforesaid, he shall be
preferred to any other Borrower. PROVIDED LIKEWISE
That the Loan Officers shall not be obliged to take Notice of any
Assigns of the Mortgagor, nnless they enter a Notice of their
Bight with the said Loan-Officers at or before the Time of Sale,
which Notice the Loan-Officers shall enter on the Mortgage and
Minute thereof on demand the Assignee paying one shilling for
the same and Assigns shall be preferred according to the Priority
of their Entries of such Notices. ! i >

XXIV AND BE IT ENACTED That after any Lands,
Houses, Tenements or Hereditaments are mortgaged according
to the Directions of this Act, if it shall appear to the Loan
Officers upon good and sufficient Grounds (which they shall
insert in the Minute Book of their Proceedings) that the Mort-
gagor had no good Right or Title to the Premises Mortgaged, or
has otherwise broke the Coyenants of his Mortgage so that the
Public may be in danger of losing the Monies or any Part thereof
adranced in Loan upon the Credit of the Premises it shall
and may be lawful to and for the said Loan Officers,
and they are hereby impowered and required to commence an
Action or Actions of Debt or Covenant upon the said Mortgage
against the Mortgagor his or her Heirs Executors or Adminis-
trators, and the same to prosecute to Judgment in any Court of
Record for the recovery of the whole Monies lent upon the Mort-
gage and Interest become due, and that shall become due until
the third Tuesday of April next following the Judgment with
Costs and Charges by all lawful ways and Means whatsoever, in
which Action or Actions the Mortgagor shall be held to special
Bail, and the Court in which such Action is brought is and the
Judges thereof in vacation are hereby Authorized and directed
to give such short Days for the Rules of pleading thereon, that
Judgment or a Tryal and final Determination may 'be had the
first Court after the Court at which the Defendant first appeared
to the same Action.

XXV AND BE IT ENACTED that the aforesaid Bills of
Credit to be made and issued by virtue of this Act when signed
by any two of the first Signers aforesaid and the Treasurer, shall
be received by the said Loan Offiw.rs for and during the Term of
fourteen Years, and by the Treasurer of this Colony for and
during the said Term, and for one Year thereafter.



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LAWS OF THE COLONY OF NEW YORK. 163

iXVI laJTD BE IT ENACTED that if any Person or Persons
whatsoever shall presume to counterfeit any of the Bills of Credit
issued by Tirtue of this Act, or shall alter any of the said Bills
issued as aforesaid so that they shall appear to be of greater
Talue than by this Act the same Bill or Bills so altered were
enacted signed or Numbered to pass for, or shall knowingly pass
or give in payment any of the Bills aforesaid so counterfeited or
altered every Person Guilty of Counterfeiting or altering any of
the said Bills as aforesaid, or of knowingly passing or giving in
payment any such counterfeit or altered Bills, shall be guilty of
Felony, and being thereof convicted shall suffer the Pains of
Death without the Benefit of Clergy, and though such counter-
feiting altering or knowingly passing Counterfeit or altered Bills
shall be done out of this Colony, yet any Grand Jury within this
Colony is hereby impowered to present the same, and to set forth
in the Indictment the Place whereby their Evidence it appeared
that the Fact was committed, which Indictment is hereby
declared good notwithstanding that the Place alledged be out
of this Colony, and the Petty Juries on the Tryals of all such
foreign Issues shall be returned from the Body of the City and
County of New York, any Law, Usage or Custom to the contrary
notwithstanding.

XXVIL AND BE IT ALSO ENACTED that the respective
Loan Offices in this Colony shall be kept at the Court House of
each respective County, or at some 'other convenient place near
the same, and the said Loan Officers shall so soon as the said
Bills are signed and delivered to them set up Advertisements of
the first Day of their attending the Loan Office, for the purposes
herein before mentioned, and shall duly attend the same on that
first Day, and on every Tuesday and Wednesday in each Week
for the space of four Weeks thereafter, if there be occasion of
their sitting so long, and the said Treasurer as soon as he can fix
the Day upon which he can deliver the said Bills to the Loan
Officers, shall send Notice by Letter to them to come and receive
the Bills at that Day.

XXVIII AND BE IT ENACTED that the Loan Officers
respectively shall retain in their Hands so much of the Interest
Monies paid in to them as will pay them their respective Salaries
appointed by this Act, and the remainder of the said Interest
Monies shall be annually paid to the Treasurer of this Colony



Online LibraryNew York (State)The colonial laws of New York from the year 1664 to the Revolution : including the charters to the Duke of York, the commissions and instructions to colonial governors, the Duke's laws, the laws of the Dongan and Leisler Assemblies, the charters of Albany and New York and the acts of the colonial le → online text (page 16 of 92)