William and Mary, 1692: An Act to prevent Frauds by Clandestine Mortgages. [Chapter XVI. Rot. Parl. pt. 4. nu. 2.]

Recital that Frauds are practised by necessitous Persons in borrowing Money.

Debtor upon Judgment, &c. taking up Money of another upon Mortgage, without Notice of the Judgment to the Mortgagee, unless upon Notice by the Mortgagee he pay off the same within Six Months, shall lose his Equity to redeem; and Mortgagee may hold the Land against the said Mortgagor for such Estate as was granted to him.

Whereas great Frauds and Deceits are too often practised by necessitous and evil disposed Persons in borrowing of money and giving Judgments Statutes and Recognizances privately for securing the repayment of the said money and the same persons do afterwards borrow money upon security of their Lands of other Persons and do not acquaint the latter Lender thereof with the same whereby such late Lender is very often in danger to lose his whole money or forced to pay of the Debts secured by the said Judgments Statutes and Recognizances before they can have any benefitt of the said Mortgages. And whereas divers Persons do many times mortgage their Lands more then once without giving notice of their first mortgage whereby Lenders of money vpon second or after mortgages doe often lose their money and are put to great charges in suits and otherwise. For remedy whereof and preventing the same as much as may be for the future Be it enacted by the King and Queens most excellent Majesties by and with the advice and consent of the Lords Spiritual and Temporal and the Co[m]mons in this present Parliament assembled and by the Authority of the same That if any Person or Persons from and after the first day of May which shall be in the yeare of our Lord One thousand six hundred ninety and three shall borrow any money or for any other valuable Consideration for the payment thereof voluntarily give acknowledge permitt or suffer to be entred against him or them one or more Judgment or Judgments Statute or Statutes Recognizance or Recognizances to any Person or Persons Creditor or Creditors And if the said Borrower or Borrowers Debter or Debters shall afterwards take upp or borrow any other sum or sums of money of any other Person or Persons or for other valuable Consideration become indebted to such Person or Persons and for secureing the repayment and discharge thereof shall mortgage his her or their Lands or Tenements or any part thereof to the said second or other Lender or Lenders of the said money Creditor or Creditors or to any other person or persons in trust for or to the use of such second or other Lender or Lenders Creditor or Creditors and shall not give notice to the said Mortgagee or Mortgagees of the said Judgment or Judgments Statute or Statutes Recognizance or Recognizances in writing under his her or their Hand or Hands before the execution of the said Mortgage or Mortgages unlesse such Mortgager or Mortgagers his her or their Heires vpon notice to him her or them given by the Mortgagee or Mortgagees of the said Lands and Tenements his her or their Heirs Executors Administrators or Assigns in writing vnder his her or their Hands and Seals attested by two or more sufficient witnesses of any such former Judgment or Judgments Statute or Statutes Recognizance or Recognizances shall within Six months pay of and discharge the said Judgment or Judgments Statute or Statutes Recognizance or Recognizanc[e]s and all Interest and Charges due thereupon and cause or procure the same to be vacated or discharged by Record That then the Mortgager or Mortgagers of the said Lands and Tenements his her or their Heires Executors Administrators or Assigns shall have no benefitt or remedy against the said Mortgagee or Mortgagees his her or their Heires Executors Administrators or Assigns or any of them in Equity or elsewhere for redemption of the said Lands and Tenements or any part thereof But the said Mortgagee or Mortgagees his her or their Heirs Executors Administrators and Assigns shall and may hold and enjoy the said Lands and Tenements for such Estate and Term therein as were or was granted and settled to the said Mortgagee or Mortgagees against the said Mortgager or Mortgagers and [and (fn. 1) ] all Person or Persons lawfully claiming from by or vnder him her or them freed from Equity of Redemption and as fully to all intents and purposes whatsoever as if the same had been purchased absolutely and without any power or liberty of Redemption

II. Persons having mortgaged and mortgaging again without Notice to the Second or other succeeding Mortgagee, to lose his Equity of Redemption.

And be it further enacted by the Authority aforesaid That if any Person or Persons who have or hath once mortgaged or from and after the said First day of May shall mortgage any Lands or Tenements to any Person or Persons for Security of Money lent or otherwise accrued or become due or for other valuable Considerations And if the said [Mortgager (fn. 2) ] or [Mortgagers (fn. 3) ] shall again mortgage the same Lands or Tenements or any part thereof to any other Person or Persons for valuable Considerations (the said former Mortgage being in force and not discharged) and shall not discover to the said second or other Mortgagee or Mortgagees or some or one of them the former Mortgage or Mortgages in writing under his or their Hands That then and in those cases also the said [Mortgager (fn. 2) ] or [Mortgagers (fn. 3) ] his her or their Heires Executors Administrators or Assigns shall have no Relief or Equity of Redemption against the said second or after Mortgagee or Mortgagees his her or their Heirs Executors Administrators or Assignes upon the said after mortgage or mortgages but that such Mortgagee or Mortgagees his ( (fn. 4) ) or their Heirs Executors Administrators and Assigns shall and may hold and enjoy such more then once mortgaged Lands and Tenements for such Estate and Terme therein as were or was granted and conveyed by the said [Mortgager (fn. 2) ] or [Mortgagers (fn. 3) ] against him her or them his her or their Heires Executors or Administrators respectively freed from Equity of Redemption and as fully to all intents and purposes as if the same had been and absolute purchase and without any power or liberty of Redemption.

III. Under-Mortgagees may redeem.

Provided always and be it further enacted by the Authority aforesaid That neverthelesse if it so happen there be more then one Mortgage att the same time made by any Person or Persons to any Person or Persons of the same Lands and Tenements the several late or under Mortgagees his her or their Heirs Executors Administrators or Assigns shall have power to redeem any former Mortgage or Mortgages upon payment of the principal Debt Interest and Costs of Suit to the prior Mortgagee or Mortgagees his her or their Heires Executors Administrators or Assigns any thing herein contained to the contrary thereof in any wise notwithstanding.

IV. Proviso for Dower.

Provided always that nothing in this Act contained shall be construed deemed or extended to bar any Widow of any [Mortgager (fn. 2) ] of Lands or Tenements from her Dower and Right in or to the said Lands who did not legally join with her Husband in such Mortgage or otherwise lawfully bar or exclude her selfe from such her Dower or Right.