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Laws of Maryland 1785-1791
Volume 204, Page 617   View pdf image (33K)
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1791.

CHAP.
LXXVII.

                                LAWS of MARYLAND.

by the treasurer of the western shore, from the several purchasers of such property,
and all bonds by him so taken shall be deposited, with an accurate list
thereof subscribed by him, into the treasury of the western shore, and shall be a
lien upon the real property of such purchasers, and their securities, from their
respective dates.

Agent to dispose
of confiscated
property,
&c.
    VIII.  And be it enacted, That the said agent shall have power to dispose of
all confiscated British property that remains unsold, and take bonds to the state
with sufficient security, and give time for payment, not exceeding five years,
always requiring annual payment of the interest, and equal annual payments of
the principal.

 
 

And may release
purchasers,
&c.

    IX.  And, whereas considerable sums are due this state upon sales of confiscated
British property unbonded for, and it appears to this general assembly, that in
many cases the purchasers are unable to make payment, and the property is becoming
daily of less value, Be it enacted, That the said agent, with the approbation
of the governor and council, be authorised to release the said purchasers
who are unable to pay, from their purchases, and to take back the property for
the use of the state; and the said agent, with the approbation of the governor
and council, may make composition with the said purchasers for the use of the
said property, and take bonds for the same to the state, with sufficient security,
and give time for payment, not exceeding five years, always requiring annual
payment of the interest, and equal annual payments of the principal; and any
property taken back the said agent shall dispose of in the same manner as he is
before authorised to dispose of confiscated British property unsold, and to take
bonds in the same manner for the purchase money, and on the same credit and
terms; provided, that in no case the state shall refund any part of the principal
or interest paid by such purchasers.
Governor, &c.
to examine into
representations,

&c.
    X.  And be it enacted, That the governor and council be required to examine
into any representation made to them by purchasers of confiscated property who
have bonded, but not installed, and may release the said purchasers from their
purchases, where they and their securities are unable to pay, and take back the
property for the use of the state; and the said agent, with the approbation of the
governor and council, may make composition with the said purchasers, and their
securities, for the use of the said property, and take bonds for the same to the
state, with sufficient security, and give time for payment, not exceeding five
years, always requiring annual payment of the interest, and equal annual payment
of the principal; provided, that in no case the state shall refund any part
of the principal or interest paid by such purchasers; and any property so taken
back the said agent shall dispose of in the same manner as he is before authorised
to dispose of confiscated British property remaining unsold, and to take bonds in
the same manner for the purchase money, and on the same credit and terms.
Manner in
which debtors
are allowed to
pay, &c.
    XI.  And be it enacted, That all debtors for confiscated property, on bond,
who shall not be released from their purchases by the governor and council, and
others who have or might have installed under the act relating to the debtors and
creditors of this state, shall be permitted to discharge their debts as follows;
that is to say, all arrears of interest up to the first day of December, seventeen
hundred and ninety, and two thirds of the principal, in specie, or in depreciation
or other liquidated state certificates, or in stock created under the act of congress
bearing an immediate interest of six per cent. one third of the principal in specie,
or in stock created under the said act bearing an interest of six per cent. after the
year eighteen hundred, and all interest accruing after the said first day of December,
seventeen hundred and ninety, in specie only; provided, that no debtor who
has already availed himself of the privilege of paying one third of his principal
debt in deferred stock of the United States, in virtue of the act of last session of
assembly, shall be allowed to make any further payment in such stock, and that
no debtor, who has paid any less proportion of his principal in such stock, shall
be allowed to make any additional payment in the same, farther than to complete
the amount of one third of his principal debt; and the times of payment shall


 
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Laws of Maryland 1785-1791
Volume 204, Page 617   View pdf image (33K)
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