Existence of lien does not affect the

right of creditor.

Holder of lien not entitled to compensation.

SEC. 2892. The existence of a lien, as security for the performance of an obligation, does not affect the right of the creditor to enforce the obligation without regard to the lien.

N. Y. C. C., Sec. 1595.

SEC. 2893. One who holds property by virtue of a lien thereon, is not entitled to compensation from the owner thereof for any trouble or expense which he incurs respecting it, except to the same extent as a borrower, under Secs. 1892 and 1893.

N. Y. C. C., Sec. 1596.

ARTICLE IV.

PRIORITY OF LIENS.

Priority of liens.

Priority of of mortgage for price.

Order of

resort to different funds.

SECTION 2897. Priority of liens.

2898. Priority of mortgage for price.
2899. Order of resort to different funds.

SEC. 2897. Other things being equal, different liens upon the same property have priority according to the time of their creation, except in cases of bottomry and respondentia.

N. Y. C. C., Sec. 1597.

SEC. 2898. A mortgage given for the price of real property, at the time of its conveyance, has priority over all' other liens created against the purchaser, subject to the operation of the recording laws.

N. Y. C. C., Sec. 1598.

SEC. 2899. Where one has a lien upon several things, and other persons have subordinate liens upon, or interests in, some but not all of the same things, the person having the prior lien, if he can do so without risk of loss to himself, or of injustice to other persons, must resort to the property in the following order, on the demand of any party interested:

1. To the things upon which he has an exclusive lien. 2. To the things which are subject to the fewest subordinate liens.

3. In like manner inversely to the number of subordi nate liens upon the same thing; and,

4. When several things are within one of the foregoing classes, and subject to the same number of liens, resort must be had

(1.) To the things which have not been transferred since the prior lien was created.

(2.) To the things which have been so transferred without a valuable consideration; and,

(3.) To the things which have been so transferred for a valuable consideration.

N. Y. C. C., Sec. 1599.

ARTICLE V.

REDEMPTION FROM LIEN.

SECTION 2903. Right to redeem.

2904. Rights of inferior lienor.

2905. Redemption from lien, how made.

redeem.

SEC. 2903. Every person, having an interest in prop- Right to erty subject to a lien, has a right to redeem it from the lien, at any time after the claim is due, and before his right of redemption is foreclosed.

SEC. 2904.

N. Y. C. C., Sec. 1600.

One who has a lien inferior to another, Rights of upon the same property, has a right—

1. To redeem the property in the same manner as its owner might, from the superior lien; and,

2. To be subrogated to all the benefits of the superior lien, when necessary for the protection of his interests, upon satisfying the claim secured thereby.

N. Y. C. C., Sec. 1601.

SEC. 2905. Redemption from a lien is made by performing, or offering to perform, the act for the performance of which it is a security, and paying, or offering to pay, the damages, if any, to which the holder of the lien is entitled for delay.

N. Y. C. C., Sec. 1602.

inferior lienor.

Redemption how made.

from lien,

ARTICLE VI.

Lien deemed

accessory to

performance it secures.

EXTINCTION OF LIENS.

SECTION 2909. Lien deemed accessory to the act whose performance it

secures.

2910. Extinction by sale or conversion.

2911. Lien not extinguished by lapse of time under statute of limitation.

2912. Apportionment of lien.

2913. When restoration extinguishes lien.

SEC. 2909. A lien is to be deemed accessory to the act

the act whose for the performance of which it is a security, whether any person is bound for such performance or not, and is extinguishable in like manner with any other accessory obligation.

Extinction by sale or conversion.

Lien not extinguished by lapse of time under

statute of limitation.

Apportionment of lien.

When resto

ration extin

N. Y. C. C., Sec. 1603.

SEC. 2910. The sale of any property on which there is a lien, in satisfaction of the claim secured thereby, or, in case of personal property, its wrongful conversion by the person holding the lien, extinguishes the lien thereon.

N. Y. C. C., Sec. 1604.

SEC. 2911. A lien is extinguished by the lapse of the time within which, under the provisions of the CODE OF CIVIL PROCEDURE, an action can be brought upon the principal obligation.

N. Y. C. C., Sec. 1605.

SEC. 2912. The partial performance of an act secured by a lien does not extinguish the lien upon any part of the property subject thereto, even if it is divisible.

N. Y. C. C., Sec. 1606.

SEC. 2913. The voluntary restoration of property to guishes lien. its owner, by the holder of a lien thereon, dependent upon possession, extinguishes the lien, as to such prop erty, unless otherwise agreed by the parties; and extin guishes it, notwithstanding any such agreement, as to creditors of the owner and persons acquiring a title to the property, or a lien thereon, in good faith, and for a good consideration; unless such restoration is made to the owner as a mere employé of the holder of the lien, or for a merely transient purpose.

N. Y. C. C., Sec. 1607.

SECTION 2919. Mortgage, what.

2920. Lien of a mortgage, when special.

2921. Transfer of interest, when deemed a mortgage.

2922. Provisions of this chapter do not affect bottomry or respon

dentia.

2923. Transfer made subject to defeasance, may be proved.

2924. What interests may be mortgaged.

2925. Property adversely held may be mortgaged.

2926. Power of sale.

2927. Power of sale, how executed.

2928. On what a lien.

2929. Mortgage of thing held adversely.

2930. Mortgage does not entitle mortgagee to possession.

2931. Foreclosure.

2932. Waste.

what.

SEC. 2919. Mortgage is a contract, by which specific Mortgage, property is hypothecated for the performance of an act, without the necessity of a change of possession.

N. Y. C. C., Sec. 1608.

SEC. 2920. The lien of a mortgage is special, unless otherwise expressly agreed, and is independent of pos

session.

N. Y. C. C., Sec. 1609.

SEC. 2921. Every transfer of an interest in property, made only as a security for the performance of another ant, is to be deemed a mortgage, except when, in the case of personal property, it is accompanied by an actual change of possession, in which case it is to be deemed a pledge.

N. Y. C. C., Sec. 1610.

this chapter

Provisions of SEC. 2922. Contracts of bottomry or respondentia, although in the nature of mortgages, are not affected by respondentia any of the provisions of this chapter.

do not affect

bottomry or

Transfer

made subject to defeas.

ance, may

N. Y. C. C., Sec. 1611.

SEC. 2923. The fact that a transfer was made subject to defeasance on a condition, may, for the purpose of be proved. showing such transfer to be a mortgage, be proved [except as against a recorded instrument acquired in good faith and for a value, or encumbrances acquired in good faith and recorded by authority of any existing law], though the fact does not appear by the terms of the instrument.

What interests may be mortgaged.

Property adversely held may be

mortgaged.

Power of sale.

Power of sale, how executed.

N. Y. C. C., Sec. 1612.

SEC. 2924. Any interest in property, which is capable of being transferred, may be mortgaged.

N. Y. C. C., Sec. 1613.

SEC. 2925. A mortgage may be created upon property held adversely to the mortgageor.

N. Y. C. C., Sec. 1614.

SEC. 2926. 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.

SEC. 2927.

N. Y. C. C., Sec. 1615.

prescribed

A power of sale under a mortgage is a
trust, and can be executed only in the manner
by the CODE OF CIVIL PROCEDure.

On what a SEC. 2928.

lien.

Mortgage of thing held adversely.

N. Y. C. C., Sec. 1616.

NOTE. Chap. II, Tit. II, Part III, New York Code of Civil Procedure, ought to be arranged and placed in our Code of Civil Procedure, or this section struck out.

A mortgage is a lien upon everything that would pass by a grant of the property, and upon nothing

more.

N. Y. C. C., Sec. 1617.

SEC. 2929. A mortgage of property held adversely to the mortgageor takes effect from the time at which he, or one claiming under him, obtains possession of the property; but has precedence over every lien upon the mort

g