ough to pay all, the last mortgagee is the first to be cut off, or
to receive less than the full amount due to him.

If a testator devises mortgaged land, is the devisee or person who
receives the land also entitled to the money due from the mortgagor?
Generally, but not everywhere. A bequest of money securities includes
a note secured by mortgage. The mortgagor's interest in the land on
his death, if leaving no will directing who shall take it, goes to his
heirs, and not to his executor or administrator like other personal
property. Of course, if there were no other property that could be
used to pay his debts, if he had any, it could be claimed and taken by
his creditors for that purpose.

The mortgage usually states a time for paying the debt, and if the
terms are not observed, the mortgagee may proceed to take the
property. This he cannot do in an arbitrary way, except in the case of
mortgages in which the mortgagee is entrusted with power to sell the
property and apply the money in payment of the debt. In other cases
the mortgagee must apply to the court to fix a time for the sale of
the property, if the mortgagor fails to make payment. The courts
usually give the mortgagor a period of several weeks or months to pay,
and if payment is not made at the end of this period, the land is sold
by an officer of the court, who conveys the title to the new
purchaser, and if there is any surplus left after satisfying the
mortgage, this is returned to the mortgagor. If there is a deficit, he
is still liable therefor. Any person who is interested in a mortgaged
estate has the right to redeem it; heirs, devisees, creditors. On the
death of a mortgagor his heirs may call his executor or administrator
to pay the mortgage out of the personal estate if there is any, and
not from the sale of real estate, because it was given, so the law
presumes, for the benefit of the personal estate belonging to the
mortgagor. Or, if the land has been given to a devisee, he can require
the executor or administrator to pay the mortgage. Again, if two
persons are jointly liable for the debt, and one of them pays it, he
may call on the other to contribute his portion. See _Chattel
Mortgage_.

=Negotiable Paper.=--By negotiable paper is meant paper that can be
sold and transferred. The law on this subject is now regulated by a
statute that is nearly uniform in almost all the states of the Union.
The courts are constantly applying it, and in doing