MORTGAGE. 3'i MORTIER. sonal property, is regarded as personal proportj' only, and passes, upon his death, to his next of kin and not to his lieirs. In general, the mortgagee out of possession is in the position of one having a mere lieu or personal claim against the mortgagor. But the mortgagee in possession of the mortgaged prop- erty, who was at conuiKm law substantially in the position of owner of the ])roperty. was cunipellcd by equity to account for the rents, issues, and prolits, and to apply them upon the mortgage in(lel)tednpss. This is now the established rule. Both the mortgagor and the mortgagee may freely assign their interests. It is not unusual for the assignee of the mortgagor to assume the mortgage indebtedness by the instrument of as- signment, and it is the general rule that the mortgagee may enforce this undertaking either upon the theory of subrogation or that the mort- gagee may sue upon a contract made for his benefit. For other incidents of the estates of mortgagor and mortgagee, see Clrtesy; Doweb; rixTiKEs ; Waste. 'hen several mortgages are given upon the same property they have priority in the order of their creation unless otherwise provided. This rule may be varied by the operation of the va- rious recording acts. A mortgage may be extinguished by payment of the mortgage indebtedness, or by a legal tender of the amount due on the day when due. Tender after that time had no effect at common law, and in ecpiity the only effect was to prevent interest accruing. A mortgage may also be terminated by a release of the mortgagor, or by a merger. If the merger is accomplished by a conveyance of the mortgaged property liy the mortgagor to the mortgagee, the courts will scrutinize the trans- action with the greatest care, and if there appear to have l)een any unfairness or undue influence on the part of the mortgagee, will allow the mort- gagor to redeem. S<>e Merger. A mortgage is extinguished by the final judg ment or decree in an action to forecdose the mortgaged property or in an action to redeem it from the mortgagee. See Foreclosure; Eqi'Ity OF REDEMPrlOX. Courts have always favored the mortgagor's right to re<leem, and at any time before the ex- tinction of the mortgage will allow him to compel a cancellaticm and snrrender of the mortgage upon payment of the mortgage indebtedness with interest, and, as an incident to the redenijition, will c()mi)el the mortgagee to account for rents or other income which he has received from the mortgaged property. Consult: .Tones, 'I'rcalixe on the 1,(111- of Mi/rtiiiifics (t( It'riil I'riifirrlji (oth ed., Boston, IHiM). and of I'rrxoHdl I'ropcrli/ (4th ed., Boston. 1S!»4) : Pingrey, Trralisr on the I.air of Chattel Morlgiifics (.Jersey City. 1801): On the Late of Morlfiaf/es of Rrtil I'ropcrl;/ (. Jersey City, 1803) ; and the authorities referred (o mder T?Er T'uoi'tiiTV. MORTGAGE BANKS. Banks designed pri- marily to furnish credit on land, houses. mines, and other immovable property. The loans are usnally for periods from ten to seventy-five years, and are secured by mortgage. The loan rontrnct provides for the extinguishment of the del)t by mi'ans of etpial annual payments, com prising interest and amortization; but the debtor has the option of paying the principal in anticipa- tion, .nnd. as a nuittcr of fact, n large percentage of the loans made by nuirtgage banks are can- celed before maturity. The bank secures funds by selling its obligations or mortgage pledges, the dillerence between the interest on the loans made by the bank and the interest which it pays on its obligations constituting its profit. Mort- gage banks arc found in many Kuropean coun- tries. The first important one was the Credit Foncier of France, which has been in existence since 1852 and has had an organization similar to that of the Bank of France since 1854. It can make loans on first mortgages to the amount of one-half of the estimated value of houses and farms, and one-third of that of vineyards and other plantations. The rate of interest on loans must not exceed the rate paid by tjie bank on its obligations by more than six-tenths of one per cent. The Credit Foncier of Algeria and the CrOdit Foncier Cohmial were formerly branches of the Credit Foncier of France, but are now inde- pendent. Instead of one large national organiz;i- tion, (Germany has forty mortgage banks, fourteen of which are in Prussia. In 1808 these institu- tions had an aggregate capital of 554,297,'2.56 marks and held mortgages to the amount of 6,207,880,143 marks. Some of them, however, issued other forms of credit. In Belgium the only bank which deals in mortgages exclusively is the Credit Foncier, but there are banks at Bru.s- sels and Antwerp which deal largely in land credit. Similar institutions are found in .ustria- Ilungary, Holland. Italy. Spain, Portugal, Swe- den, and Russia, The chief .service of mortgage banks consists in making mortgages negotiable. In Europe, the owners of land and houses are able to get loans at a low rate of interest — less than 3 per cent, in France and 4 per cent, in Germany. Tlu'y can pay their debts in small yearly installments from the produce of their cai)ital. In the United States, where there is no legislative provision for the establishment of mortgage banks, the lender and the luoperty owner can be brought together only by a form of brokerage, and the terms of the debt isually re- quire the payment of the principal in a few years. Consult the article on "Hypotheken- banken." in Conrad, Hantlirnrlcrbiich drr Utatits- visscnsrhnflrn (.Icna, 1808-1001); Taft, "Mort- gage Banks." in Jounitil of Political Economy (Sept<>mber. 1808). MOBTIER, mor'tvA'. Kiwiard Adolpiie Casi- MIK .l()si:rii, Duke of Treviso ( 17li8-18;!5) . A French marshal. He was born at Cateau-Cam- bresis. IVliniary 13, 17C>8. His father was a Deputy to the States-General in 1780, and though
- Morfier was educated for a business career, he
entered the service of the Republic as a lieu- tenant of carbineers in 1701. He rose rapidly, and in 1703 became adjutant-general. After greatly distinguishing himself under Aloreau and Kleber, he was made a general of division in 1700. In 1803 he was in command in Hanover, and in the administration of that country showed the utmost probity and sagacity. Created a marshal of the Knii)ire in 1804. and placed in charge of an army corps in 1805. Mortier showed his mili- tary geniiis l>y holding in check a sujierior force of Russians at Tx'oben. In ISOfi he occupied Han- over. Hesse-Cassel. and Hamburg, and defeated the Swedes in several encounters. He com- manded the left wing of the French army at Fricdland. and after the Peace of Tilsit was in-
