"Thirty bushels of dates are due to Bel Nadin Shun, son of Marashu, by Bel Bullitsu and Sha Nabu Shu, sons of they shall pay the dates, thirty bushels, according to the measure of Bel Nadin Shun, in the town of Bit Balatsu. Their field, cultivated and uncultivated, their fief estates, is held as a pledge for the dates, namely, thirty bushels, by Bel Nadin Shun. Another creditor shall not have power over it." The brick tablet pictured here was found some years ago in excavating the ancient Babylonian town of Nippur. This tablet among other cuneiforms was taken from the ruins of a banking house which evidently handled mortgages and loans of all kinds. The instrument is a first mortgage as well as a trust deed and note combined, and though executed in the fourth century before the Christian era (King Artaxerxes reigned 464-424 B. C.), exhibits many of the features of our modern documents. 375. Introduction. A considerable volume of business is being transacted at all times through the medium of real estate mortgages and trust deeds. A mortgage is a conveyance of land given as security for the payment of money or other obligation. Formerly, if the debt or obligation was not discharged on the due date, or date of performance, the title to the mortgaged property became absolute in the mortgagee. Consequently it often happened that the mortgagor entirely lost valuable property through not being able to pay promptly. Later the mortgagor was given the right to redeem the property by making payment in full of principal, interest, etc. to date. This right became known as the "equity of redemption," and is very beneficial to the mortgagor who, through misfortune or otherwise, is unable to pay promptly. At the present time in many states a mortgage no longer conveys the legal title but merely operates as a lien upon the same to secure the payment of the debt or the performance of the obligation. Any interest in land, whether held in fee, by right of dower, as an undivided interest, or under a contract of purchase, may be mortgaged. The debt secured by the mortgage is the primary or principal undertaking, while the mortgage itself is a secondary obligation and is said to be incident to the debt. The debt or principal obligation is usually, though not always, evidenced by a note or series of notes, or a bond. A trust deed is very similar in legal effect to a mortgage. The chief difference is that the title to the property is conveyed in trust to a third person as trustee, who holds the title both for the benefit of the owner of the property and those who are, or may become, the owners of the notes secured by the trust deed. An advantage in this is that when the ownership of the notes changes it is not necessary to assign the interest conveyed by the trust deed, as is necessary in the case of a mortgage. The owner of the notes, if he wishes, instead of foreclosing the mortgage, may sue the debtor upon the notes and obtain a personal judgment. This judgment becomes a lien upon all of the debtor's lands that are not exempt from execution. 1. Form. In form a mortgage is substantially a deed with a defeasance clause added. It is executed in the same manner and with the same formality. The defeasance clause contains the condition that upon the payment of the debt or the performance of the obligation the instrument shall be void. If it is the homestead that is mortgaged, the statute usually requires that to convey the same it is necessary to waive or release the homestead interest both in the body of the mortgage and in the acknowledgment of the same. The wife of the mortgagor should join in the execution of the instrument in order to release dower and homestead. 2. Covenants. Besides the conveyance of the land and the defeasance clause, the mortgage or trust deed usually contains several covenants. First to be mentioned among these is the covenant providing that if there is default in the payment of any part of the principal or interest, or default in the performance of any covenant in the mortgage, the mortgagee shall have the option to declare the entire debt due; second, the covenant that requires the mortgagor to keep the buildings amply insured as additional security, provides also that if he fails to do this the mortgagee may insure at his expense and the same be added to the mortgage debt; third, the covenant which compels the mortgagor to pay promptly all taxes and assessments levied against the property, in default of which the mortgagee may pay the same and add the amount to the mortgage debt. Various other covenants relative to foreclosure are frequently included. MORTGAGE with Power to Appoint Receiver. This Indenture Witnesseth, That the Mortgagor..., William B. Smith and Millie J. Smith, his wife, of the City of Chicago in the County of Cook—and State of Illinois Mortgage...and Warrant.—..., to State of Morse Ives One — ..of the City of Chicago, County of -Cook and Illinois to secure the payment of..: William B. Smith of Morse Ives, at the in the sum of five certain promissory note...executed by bearing even date herewith, payable to the order. Harris Trust and Savings Bank of Chicago, thousand dollars, Jan. 2, 1915, together with interest at the rate of 6% per annum, payable yearly, the following described real estate, to wit: (S.E. 4) of the South West quarter (S.W five (25) Township thirty North (30 N.) of Range thirteen (R.13) West of the Third Principal Meridian, containing forty (40) acres, more or less, situated in the County of.: Lake The South East quarter 4) of Section twenty in the State of Illinois, hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of the State of Illinois, and all right to retain possession of said premises after any default in payment or breach of any of the covenants or agreements herein contained. certain But it is Expressly Provided and Agreed, That if default be made in the payment of said : promissory note...., or of any part thereof, or the interest thereon, or any part thereof, at the time and in the |