tor's; Sheriff's Committees; Guardians, and Administrators.

Referee's Deeds are those executed by a person known as a referee appointed by a court in a proceeding under which real property is directed to be sold and conveyed.

Sheriff's deeds are executed pursuant to a sale under an execution, or when directed to be made by him in an action. Trustee's deeds are those of trustees under a will, or those appointed by a court, and their authority to convey is obtained either from the will or order of the court.

Executors derive their power to execute deeds and convey real property only under the terms of a will appointing them.

Committees, administrators and guardians have no power to execute deeds and convey property except by authority of a court having jurisdiction.

A married woman may execute a deed conveying her separate real property, if otherwise competent, as fully as a man or an unmarried woman. Her husband need not join with her in its execution.

She may join with her husband in the execution of a deed of his lands, and by so doing releases her inchoate right of dower therein. Unless she so joins a purchaser takes title subject to such dower right. She cannot release directly to her husband, nor to any person who has no title or interest in the land to which her dower right attaches. She may authorize her husband, through a power of attorney, to sign her name and execute a deed of her separate property, or to release her dower right.

A husband and wife can convey real property directly from one to another, and without any further consideration therefor than mutual love and affection, provided such conveyance is not made with intent to defraud, defeat or delay the rights of creditors.

A deed to a husband and wife jointly, creates a fenancy by the entirety in the grantee, and upon

the death of the one the survivor owns the property alone without any further act or proceeding.

Deeds of conveyance may contain reservations to the grantor and to his or her heirs and assigns, as for instance-a life estate, or a right of way over the lands, or the right to take and use water, etc.

Deeds may contain restrictions as to certain uses to which the property may be put, for instancethat no building shall be erected thereon within a certain distance of a street, or to cost less than a specified sum, or that the premises shall not be used for certain specified business, and the acceptance of the deed in such cases will bind the grantor to respect such conditions.

To be good as against subsequent grantees, or mortgagees, for value received, and without notice, the deed must be recorded in the office of the register or county clerk of the county in which the real property conveyed is situated. If in more than one county, it should be recorded in each such county.

If a deed is executed before a Notary or other officer outside of the county of record, unless such Notary has a certificate filed therein, or the officer is an officer of a court of record, a clerk's certificate must be obtained from the clerk of the county of such official before the deed can be recorded.

Under the present war revenue act there must be affixed to each deed of conveyance revenue stamps to the amount of fifty cents for each five hundred dollars of the value of the premises conveyed, provided the value be in excess of one hundred dollars. Failure to so affix stamps does not invalidate the deed or affect the title, but it does subject the grantor to a heavy penalty.

2. Mortgages.-A mortgage is an instrument whereby real property is conveyed as collateral security for the payment of a debt. There is usually executed and delivered, concurrently with the mortgage, a bond which represents the debt and the obligation to pay the debt. The bond is usually written in a penalty of twice the amount of the debt secured thereby.

Mortgages must be executed in the same manner as a deed, and may be executed by another person through a written power of attorney conferring power so to do.

Mortgages may be executed by any person capable of executing a deed, and may convey the whole fee, or a lesser interest in real property-for instance, a person may mortgage a life estate, or an undivided interest in land, or an estate for years, or such interest as he or she may have.

Mortgages can only be executed by executors named in a will when such persons are empowered so to do by express provisions of the will, or when clothed with such power by a decree of a proper court.

Infants, idiots and lunatics cannot execute a valid mortgage, and their property can only be encumbered by mortgage through a proceeding in a court of competent jurisdiction for that purpose.

Religious and charitable organizations and certain corporations, can only mortgage their property upon consent of a proper court.

Mortgages must have some stipulated time when the amount secured to be paid becomes due and payable. As they usually provide for payment of interest, the time of such payment should be carefully set out. Interest must not be for a greater rate than the legal rate, viz-in this State six per cent. per annum. Agreement to receive and the acceptance thereof of any greater rate renders the mortgagee guilty of usury and liable to forfeiture of the whole principal secured, and in addition to imprisonment.

Mortgages may be assigned to other persons by the mortgagee executing in the same manner as a deed, a written assignment thereof, whereby he or she assigns the title to the money due or to grow due to the assignee. An assignment may be executed simply as collateral security for the payment of another debt of the mortgagee, and when paid it will be necessary that the mortgage be reassigned in the same manner as the original assignment.

Mortgages are known as first, second and third mortgages, according to the order in which they are recorded. A mortgagee should promptly attend to the recording of a mortgage in the register's or clerk's office of the county or counties in which the property covered is situated, for it will be second or subsequent to a mortgage recorded prior thereto, and as against a bona fide purchaser of said property for value and without notice, it will not be good, and neither will it be good as against judgments docketed prior to such recording.

In addition to the regular recording fee the mortgagee must, at the time of recording, pay what is known as a recording tax of one-half of one per cent. of the principal sum secured to be paid by such mortgage. The clerk is not allowed to record the mortgage until such tax is paid. Payment of this tax exempts the mortgagee from local assessment and taxation on account of such investment.

A mortgage is satisfied of record by the execution of, by the mortgagee, and the recording in the same office where the mortgage is recorded, of a written instrument acknowledging payment of the mortgage debt, and consenting thereby to the discharge of the mortgage.

Unless a mortgage was given to secure the payment of a portion of the purchase price of the property covered, the wife of a married man must join in the mortgage, otherwise her dower right will precede the lien of the mortgage. If a husband and wife own the property jointly they will have to join in the execution to convey the whole title.

In the case of separate property of a married woman, her husband need not join for she can execute a deed or mortgage conveying good title without his consent or act.

Upon failure to make payment of the principal, or any part thereof, or of the interest when due, or to comply with any other stipulation or agreement therein contained to be performed, the mortgagee

may institute an action in a proper court to foreclose the mortgage and obtain a judgment directing the sale of the premises to satisfy the mortgage debt. In case of a sale at less than the sum due, with costs, the mortgagee, if he holds a bond, will be entitled to a judgment against the person executing the bond, and against any person who has purchased the property prior thereto who has assumed and agreed to pay the mortgage, for such deficiency.

Chattel mortgages.-These are mortgages given to secure the payment of a debt, and cover personal property.

For a further discussion of the subject of deeds, real property mortgages, and chattel mortgages, see chapters VII and XIII of Part I, and chapters X and XI hereof.