2930. Title acquired by the mortgagor subsequent to the execution of the mortgage inures to the mortgagee as security for the debt in like manner as if acquired before the execution. The priority of application of such subsequently acquired title to successive mortgagees is determined by the existing rules of priority, when no title is subsequently acquired. NOTE.-See note to Sec. 2926. 2931. A mortgagee may foreclose the right of redemption of the mortgagor in the manner prescribed by the CODE OF CIVIL PROCEDURE. NOTE.-Place of trial.-Co. Civ. Pro., Sec. 392. Receiver may be appointed.-Id., Sec. 564. Proceedings in actions for foreclosure.-Id., Sec. 726. Remedy exclusive. Id., Sec. 744. Surplus, how disposed of.— Id., Sec. 727. Installment loans.-Id., Sec. 728. Actions against estates.-Id., Sec. 1500. 2932. A power of sale may be conferred by a mortgage upon the mortgagee or any other person, to be exercised after a breach of the obligation for which the mortgage is a security. NOTE.-Wilson vs. Troup, 7 Johns. Ch., p. 25; Fogarty vs. Sawyer, 17 Cal., p. 589; Wilson vs. Brannan, 27 Cal., p. 270. This power, if conferred, is cumulative, and does not affect the right to foreclose. Cormerias vs. Genella, 22 Cal., p. 116. 2933. A power of attorney to execute a mortgage must be in writing, subscribed, acknowledged, or proved, certified, and recorded in like manner as powers of attorney for grants of real property. NOTE.-Other provisions of this Code require powers affecting real property to be in writing, and if this Chapter referred to mortgages of real property alone, this section would be unnecessary. Were it omitted here and placed under the head of mortgages of personal property, it might be contended that the power to execute mortgages of real property could be orally conferred. assignment of mortgage 2934. An assignment of a mortgage may be re- Recording corded in like manner with a mortgage, but in a separate book, and such record operates as notice to all persons subsequently deriving title to the mortgage from the assignor. NOTE.-Vanderkamp vs. Shelton, 11 Paige, p. 37; assignment not notice to 2935. The record of the assignment of a mort- Recording gage is not of itself notice to a mortgagor, his heirs of mortgage or personal representatives, so as to invalidate any mortgagor. payment made by them, or either of them, to the mortgagee. 2936. The assignment of a debt secured by mort- Mortgage gage carries with it the security. NOTE.-A mortgage being a mere incident to the debt which it secures, follows the transfer of the note without any formal assignment of the mortgage.-Ord vs. McKee, 5 Cal., p. 515; Phelan vs. Olney, 6 Cal., p. 483; McMillan vs. Richards, 9 Cal., p. 410; Willis vs. Farley, 24 Cal., p. 498. The debt and mortgage are inseparable-the latter must follow the former, for, as distinct from the debt, the mortgage has no determinate value, and is not the subject of transfer.-Peters vs. Jamestown Bridge Co., 5 Cal., p. 334; Nagle vs. Macy, 9 Cal., p. 426. passes by assignment of debt. allowed mortgage for record. 2937. A mortgagee is allowed, from the date of Time the mortgage, one day for every twenty miles of the filing distance between his residence and the County Recorder's office where such mortgage ought by law to be recorded. During such time the mortgage has the same effect as if recorded. how 2938. A recorded mortgage may be discharged Mortgage. by an entry in the margin of the record thereof, discharged. signed by the mortgagee, or his personal representative or assignee, acknowledging the satisfaction of the mortgage in the presence of the Recorder, who must certify the acknowledgment in form substantially Subsequently title inures to 2930. Title acquired by the mortgagor subsequent acquired to the execution of the mortgage inures to the mortmortgagee. gagee as security for the debt in like manner as if acquired before the execution. The priority of application of such subsequently acquired title to successive mortgagees is determined by the existing rules of priority, when no title is subsequently acquired. Foreclo sure. Power of Power of attorney to NOTE. See note to Sec. 2926. 2931. A mortgagee may foreclose the right of redemption of the mortgagor in the manner prescribed by the CODE OF CIVIL PROCEdure. NOTE.-Place of trial.-Co. Civ. Pro., Sec. 392. Receiver may be appointed.—Id., Sec. 564. Proceedings in actions for foreclosure.-Id., Sec. 726. Remedy exclusive.-Id., Sec. 744. Surplus, how disposed of.Id., Sec. 727. Installment loans.-Id., Sec. 728. Actions against estates.-Id., Sec. 1500. 2932. A power of sale may be conferred by a mortgage upon the mortgagee or any other person, to be exercised after a breach of the obligation for which the mortgage is a security. NOTE.-Wilson vs. Troup, 7 Johns. Ch., p. 25; Fogarty vs. Sawyer, 17 Cal., p. 589; Wilson vs. Brannan, 27 Cal., p. 270. This power, if conferred, is cumulative, and does not affect the right to foreclose. Cormerias vs. Genella, 22 Cal., p. 116. 2933. A power of attorney to execute a mortgage must be in writing, subscribed, acknowledged, or proved, certified, and recorded in like manner as powers of attorney for grants of real property. NOTE.-Other provisions of this Code require powers affecting real property to be in writing, and if this Chapter referred to mortgages of real property alone, this section would be unnecessary. Were it omitted here and placed under the head of mortgages of personal property, it might be contended that the power to execute mortgages of real property could be orally conferred. assignment 2934. An assignment of a mortgage may be re- Recording corded in like manner with a mortgage, but in a sepa- of mortgage rate book, and such record operates as notice to all persons subsequently deriving title to the mortgage from the assignor. NOTE.-Vanderkamp vs. Shelton, 11 Paige, p. 37; assignment not notice 2935. The record of the assignment of a mort- Recording gage is not of itself notice to a mortgagor, his heirs of mortgage or personal representatives, so as to invalidate any mortgagor. payment made by them, or either of them, to the mortgagee. 2936. The assignment of a debt secured by mort- Mortgage gage carries with it the security. NOTE.-A mortgage being a mere incident to the debt which it secures, follows the transfer of the note without any formal assignment of the mortgage.—Ord vs. McKee, 5 Cal., p. 515; Phelan vs. Olney, 6 Cal., p. 483; McMillan vs. Richards, 9 Cal., p. 410; Willis vs. Farley, 24 Cal., p. 498. The debt and mortgage are inseparable-the latter must follow the former, for, as distinct from the debt, the mortgage has no determinate value, and is not the subject of transfer.-Peters vs. Jamestown Bridge Co., 5 Cal., p. 334; Nagle vs. Macy, 9 Cal., p. 426. passes by assignment of debt. allowed mortgage for record. 2937. A mortgagee is allowed, from the date of Time the mortgage, one day for every twenty miles of the filing distance between his residence and the County Recorder's office where such mortgage ought by law to be recorded. During such time the mortgage has the same effect as if recorded. how 2938. A recorded mortgage may be discharged Mortgage. by an entry in the margin of the record thereof, discharged. signed by the mortgagee, or his personal representative or assignee, acknowledging the satisfaction of the mortgage in the presence of the Recorder, who must certify the acknowledgment in form substantially Same. Same. Duty of mortgagee on satisfaction of mortgage. Provisions of this Chapter do not affect bottomry or respon dentia. as follows: "Signed and acknowledged before me, A B, Recorder." NOTE. A mortgage unsatisfied upon the record is the subject of sale, to innocent parties.-Peters vs. Jamestown Bridge Co., 5 Cal., p. 334. The discharge of a mortgage does not of itself discharge the debt.Sherwood vs. Dunbar, 6 Cal., p. 53. 2939. A recorded mortgage, if not discharged as provided in the preceding section, must be 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 the Chapter on "Recording Transfers," stating that the mortgage has been paid, satisfied, or discharged. 2940. A certificate of the discharge of a mortgage, and the proof or acknowledgment thereof, must be recorded at length, and a reference made in the record to the book and page where the mortgage is recorded, and in the minute of the discharge made upon the record of the mortgage to the book and page where the discharge is recorded. 2941. When any mortgage has been satisfied, the mortgagee or his assignee must immediately, on demand of the mortgagor, enter satisfaction or cause satisfaction of such mortgage to be entered of record; and any mortgagee or assignee of such mortgagee who neglects or refuses to enter satisfaction of such mortgage, as is provided in this Chapter, is liable in damages to such mortgagor, or his grantee or heirs, in the sum of one hundred dollars, to be recovered in a civil action before any Court of competent jurisdiction. 2942. Contracts of bottomry or respondentia, although in the nature of mortgages, are not affected by any of the provisions of this Chapter. |