ird person, who should put his deed on record, he
would gain a valid lien over the vendor. This lien is founded on the
idea that the vendor holds the land in trust for the purchaser until
he has paid for it, but is not recognized in every state. It is
reasonable to suppose that the owner will not sell his land until he
has been paid, or the purchase money has been secured. The lien will
also prevail against any assignment that the vendor may make for the
benefit of creditors, provided he enforces his lien before the
assignee begins to execute his trust.

Much has been said about the notice of the vendor's lien. Any
reasonable notice will suffice, but what is such a notice to charge,
for example, a second purchaser with knowledge? Payment of a part of
the money is held to be knowledge of the lien. Again, a vendee who has
paid any part of the purchase money before the delivery of the deed to
him has a lien for the amount advanced. A third party who pays the
purchase money to the vendor for the purchaser and takes a note for
the amount does not have such a lien.

The mortgagor in most states is regarded as the real owner and remains
in possession; and the mortgagee has a lien, or security for his
advance of money or whatever it may be. The mortgagor may sell his
land at any time subject to the mortgage, in other words he cannot by
any sale impair the mortgagee's security. On the other hand, the
mortgagee can transfer, sell or assign his mortgage to another, and
this is often done.

Both parties may insure the premises though the mortgagee cannot
exceed his debt. If they are destroyed by fire, the mortgagor cannot
claim to have the insurance applied in liquidation of the mortgage
debt. The mortgagee, therefore, can first collect the insurance money
and then proceed to collect the debt that is due to him from the
mortgagor. If the sums collected from the two sources exceed the
amount advanced to the mortgagor that is only the mortgagee's affair.
But if he insures the property at the mortgagor's request or at his
expense, then the mortgagor would have the benefit of the insurance.

Frequently several mortgages are made of the same property. The one
that is the first recorded has the first lien, the one recorded next
the second lien, and so on. And if the property is subsequently sold
to pay the mortgage, the first mortgagee has the first claim to the
money received, the second mortgagee next and so on. If there is not
en