THE AMERICAN LAW REGISTER. NOVEMBER, 1862. MORTGAGES. THE NECESSITY OF DESCRIBING THE SECURITY UPON THE REGISTRY. MORTGAGES TO SECURE FUTURE ADVANCES, AND WHERE THE SECURITIES HAVE BEEN CHANGED. 1. WHAT FORM OF CONDITION AND REGISTRY IS VALID; HOW FAR THE SECURITIES MAY BE CHANGED, WITHOUT AFFECTING THE VALIDITY OF THE LIEN. 1. The question not the same under a registry system, as where no such exists. 2. The early cases seem to require that the securities be described on the registry. 3. The early doctrine of condemning all general mortgages now abandoned. 4. Other cases admitted of general description of the debt upon the registry. 5. This led to great looseness and indefiniteness of description in the conditions of registered mortgages.. 6. So that now a mortgage to secure future advances, or an unsettled balance of present indebtedness, may be in the form of a gross sum now due. 7. But such gross sum cannot be made to cover debts not contemplated at the time. 8. Analysis of the nature of liability which may be made the subject of mortgage security. 9. This relaxation of the early practice seems justified by another relaxation, now firmly established, that of allowing the change of securities. 10. This latter is too firmly established to be brought in question. 11. No presumptive payment of a mortgage unless that was the evident intention. 12. This rule constantly applied to banking paper. 13 and 14. Some marked cases of the application of the rule to banking paper VOL. XI.-1 (1) 15. The result of the authorities stated. 16. There is more difficulty in reducing the facts of the different cases to the same result, but they have been often decided upon the facts. 17. And are thus made to turn upon the intention, rather than the form. II. MORTGAGES TO SECURE FUTURE ADVANCES. THE FORM AND EXTENT OF NOTICE REQUISITE TO DEFEAT THE RIGHT TO CONTINUE SUCH ADVANCES. 1. The germ of this species of contract is found in the Roman civil law. 2. But it appears not quite the same as the English law of tacking. 3. The English law of tacking further illustrated. 4. It seems not founded upon the clearest equity. 5. If the third mortgagee had notice of the second mortgage at the date of his own, he was excluded from the right. 6. Contracts for future advances, if absolute, the same as present indebtedness. 7. The most important class of such contracts optional with both parties 8. Has reference chiefly to running money accounts. Bankers, &c. 9. Statement of the English rule. Gordon vs. Graham. 10. This case reversed by Sir JOHN ROMILLY, in Shaw vs. Neal. 11. Further reviewed in Rolt vs. Hopkinson. Overruled. 12 and 13. Exposition of the principles involved in the present English rule. 14. The requisite notice to terminate the right to make further advances. registry sufficient in some States. 15. Most of the cases require notice in fact and in such form as to gain credit. 16. Further exposition of the rule, as defined by different judges. The 1. The question how far securities described in a registered mortgage may be changed, without affecting the lien of the mortgagee, is one of great interest and, in some cases, of a good deal of nicety. The same difficulty might not always occur, where no registry existed. For in such cases there would not be the same opportunity to impose upon new parties, by representing the debt as paid, by producing the securities described in the registry. 2. Some of the early cases seem to require that the security shall be correctly and intelligibly described upon the registry. As in Frost vs. Beekman, 1 Johns. Ch. R. 288, S. C. 18 Johns. R. 544, where it is held that the registry of a mortgage to secure a promissory note of $3000, as for one of $300, is good only for the $300. This is upon the principle that the registry is not for the purpose of putting one upon inquiry merely, but to give full knowledge of the contents of the deed and of the security. It therefore does not come wi.hin the principle, it was said, that the |