16 U.S.C. § 33 — Mortgages by lessees within the park

submitted 120 years ago by ch. 2570 to r/title-16-CONSERVATION · 155 words · no verdicts yet

in plain englishAI-generated · not legal advice

Anyone leasing park land in Yellowstone under section 32 can mortgage their lease rights, with the Secretary of the Interior's approval. Recording the mortgage with the Secretary gives it the same legal effect as a public record, but it stays subject to the government's right to enforce the lease terms.

This section lets a person, corporation, or company holding a lease in Yellowstone Park — the kind described in section 32 of this title — put a mortgage on their lease rights, properties, and franchises, including their contracts with the Secretary of the Interior. They need the Secretary's approval to do this. Once approved, the mortgage can be filed for record in the Secretary's office, and once recorded it has all the legal effect of a public record. Any mortgage, lien, or other encumbrance created this way stays subject to the government's right to force the original leaseholder (the mortgagor) to follow the lease or contract terms. If someone buys the property through a foreclosure on the mortgage, they take it subject to all the same conditions the original leaseholder or contractor agreed to.

the actual law source: uscode.house.gov ↗public domain

Any person, corporation, or company holding a lease within Yellowstone Park for the purposes described in section 32 of this title is authorized, with the approval of the Secretary of the Interior, to execute mortgages upon his or its rights, properties, and franchises, including his or its contract or contracts with the Secretary of the Interior, and such mortgages, together with the approval of the Secretary of the Interior may be filed for record in the office of the Secretary of the Interior, and when so recorded shall have all the effect of a public record. Any mortgage, lien, or encumbrance created under the provisions of this section shall be subject to the rights of the Government to compel the enforcement of the terms of the lease or contract of the mortgagor, and any purchaser under a foreclosure of such encumbrance shall take subject to all the conditions assumed by the original lessee or contractor.

Source credit: (June 4, 1906, ch. 2570, 34 Stat. 207.)

history & why it existsrecord from the source credit

1906Enacted · Act of June 4, 1906, ch. 2570 · 34 Stat. 207

A history note hasn’t been published yet. The record shows enactment by ch. 2570 on 1906-06-04.

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