Safe Methods; Or, How to Do Business; Business Law Facts and Forms, Penmanship and Correspondence, Tables, Short Cuts and Ready Reckoner, the Essence of Volumes in a Nutshell (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 Excerpt: ...The method of foreclosure differs in the several states. In some the statutes prescribe a short, summary method; in others an action of court is necessary; in still others either method is legal. HOW TO FORECLOSE A MORTGAGE The methods of foreclosing vary in different States, but the following general steps are common in all: 1. Application to a Court of Chancery for authority to foreclose. 2. Hearing the parties by the Court. 3. Referring the case to a Master in Chancery. 4. Advertising the property. 5. Selling it to the highest bidder at auction. 6. Deeding it to the purchaser. 7. Paying over any surplus fund remaining from the sale to the mortgagor. Since the interests involved in giving and taking a mortgage on real estate are of such great importance that a mistake in executing it or in complying with its conditions may subject the interested parties to much trouble and heavy losses, the mortgage, bond and note should be drawn up with the utmost care and the conditions laid down strictly and promptly complied with. Promissory Note Secured by Mortgage $3,000. New York. March 15, 1904. One year after date I promise to pay to Robert Hartless Three Thousand Dollars at the First National Bank of New York City, with interest at the rate of seven per cent per annum, making such sale, on demand, to the party for value received. This note is secured by a mortgage of even date herewith on certain real estate (describe the premises). Signed, Julius Hawthorne. Real Estate Mortgage to Secure Payment of Above Note This Indenture, made this 15th day of March, in the year one thousand nine hundred and four, between Julius Hawthorne, of the City. County, and State of New York, and Margaret, his wife, parties of the first part, and Robert Hartless, of the City of Chicag...