Page:United States Statutes at Large Volume 76A.djvu/324

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-228§ 4121. Power of sale A power of sale may be conferred by a mortgage upon the mortgagee or any other person, to be exercised after a oreach of the obligation for which the mortgage is a security. § 4122. Power of attorney to execute A power of attorney to execute a mortgage must be in writing, subscribed, acknowledged, or proved, and certified in the manner prescribed by chapter 27 of this title, and recorded in the office of the registrar of property. § 4123. Validity of mortgage with respect to third persons A mortgage of property is void as against creditors of the mortgagor and siiDsequent purchasers and encumbrances of the property in good faith for value, unless it is acknowledged or proved and certified m the manner prescribed by chapter 27 of this title, and recorded in the office of the registrar of property of the Canal Zone. § 4124. Recording assignment of mortgage; notice An assignment of a mortgage may be recorded in like manner as a mortgage, and the record operates as notice to all persons subsequently deriving title to the mortgage from the assignor. § 4125. Recording assignment of mortgage not notice to mortgagor; validity of payments When the mortgage is executed as security for money due, or to become due, on a promissory note, bond, or other instrument designated in the mortgage, the record of the assignment of the mortgage is not, of itself, notice to a mortgagor, his heirs, or personal representatives, so as to invalidate any payment made by them, or either of them, to the person holding the note, bond, or other instrument. § 4126. Mortgage passes by assignment of debt The assignment of a debt secured by mortgage carries with it the security. § 4127. Discharge; marginal entry; form A recorded mortgage may be discharged by an entry in the margin of the record thereof, signed by the mortgagee, or his personal representative or assignee, acknowledging the satisfaction of the mortgage in the presence of the registrar of property, who shall certify the acknowledgment in form substantially as follows: "Signed and acknowledged before me, this day of , in the year . A. B., Eegistrar of Property." § 4128. Same; recording certificate of payment, satisfaction, or discharge A recorded mortgage, if not discharged as provided in section 4127 of this title, must Ife discharged upon the record by the officer having custody thereof, on the presentation to him of a certificate signed by the mortgagee, his personal representatives or assigns, acknowledged or proved and certified as prescribed by chapter 27 of this title, stating that the mortgage has been paid, satisfied, or discharged. § 4129. Duty of mortgagee on satisfaction of mortgage When a mortgage has been satisfied, the mortgagee or his assignee shall immediately, on the demand of the mortgagor, execute, acknowledge, and deliver to him a certificate of the discharge thereof, so as to entitle it to be recorded, or he shall enter satisfaction, or cause satisfaction of the mortgage to be entered of record. A mortgagee, or assignee of the mortgagee, who refuses to execute, acknowledge, and deliver to the mortgagor the certificate of discharge, or to enter satisfaction, or cause satisfaction of the mortgage to be entered, as pro-