21 Pa. Stat. § 731

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 731 - Holders of mortgages may be required to assign the same in certain cases

It shall and may be lawful for any person or persons, natural or artificial, holding lands encumbered by mortgage, judgment, recognizance or other security, so encumbered by any previous owner or owners, after such money shall have become due and payable, his or their agent or attorney, to tender to the holder of any such mortgage, judgment, recognizance or other security, such sum of money as shall or may be due by virtue thereof, to such holder or holders, including interest and costs, and to require the said holder or holders to assign and transfer, to such person or persons as the owner or owners of such incumbered premises may name, such mortgage, judgment, recognizance or other security, in the following cases:

I. Where lands and tenements, or any interest in possession, belong to a minor or minors, and it shall be made to appear to the court that it would be to the interest of such minor or minors, that the mortgage, judgment, recognizance or other security, should be assigned to the appointee of the guardian of such minor or minors.

II. Where lands and tenements are held by will, or otherwise, for life, with remainder over.

III. Where lands and tenements are held in trust, under the provisions of any last will and testament, or any deed of trust.

IV. Where lands have descended under the intestate law.

21 P.S. § 731

1885, June 24, P.L. 157, § 1.