The New Mortgage Law

A ntw law has jnst gone into clt'ect vhich s riesigued to subject to taxation all real estáte mortg.iges held by residents of the state. Au abstract of lts provisioiis follows: 1. The act creates towns-hip and clty n .1 county, into a separate "assessment 9trict." 2. It provides for the listing, by the egister of deeds, of all undischarged nortgnges, In books to be provided by he coanty, as follows: I n a book to be designated as tlie 'County Kesident Hook of Unpaid Mortrages," all mortgages in this county held y residents of the county, from and ncluding 1S80, which list is to be completed by April 10, 1883, and to add to uch list every year thereafter, all mortgages that may come into hU ollice for ecord. On or befure April 10, 1888, the regiser Is required to deliver to eacb assessing ollicer in bis county, a copy of all mortgages on land in said offlcer's assessnient listrict, transcribed into a book called he " District assessment bood of unpaid mortgages," which book shall be roturned .o the registr of deeds immediately after he meeting of tlie board of review of aid assessnient district. On such return he register of deeds is required to make a list of mortgRges that may come into ïls hands for record, affecting real prop¦rty i'i his assessment district. 3. The act also provides for the listin g, )y each register of deeds, of all montages recorded in his office by residents of the state who are non-residents of his county, and makes it his duty to make a complete list of such non-resident mortaijes to the register of deeds where the nortgages reside, who, on receipt of same, is to notlty the assessing offleer in whose district such mortgïiges may reside, vho is required to aisess such mortgages according to law. 4. The register receives 10 cents for each notice, to be audited and paid like other contingent claims against the county. 5. The state furnishes the books on the requisition of the board of supervisors, the county is to pay the cost and ransportation of the same. G. The register of deeds is required to lote the fact of any discharge, and asligmnent, partía! or total, or of any pajTiiciit thereon, in the marginal space on the right hand, where the report of the tnortgage appears. 7. Each assessing ofllcer is required n April of each year to inspect the "Assessors book of unpaid moi tgkges " for lis district, and assess such mortgages aoKording to law. 8. Any violation of the act by a registr of deed? or assossing ofticer is made a misdemeanor, punishable in case of a register, by a fino not exceediiig $100, and of au assessor, by a line not exceeding $500. No raortgage can be recorded which falls to glve the name and residcuce of the mortgagee.