§ 42:202 — Mode of transfer

The application for the transfer of a special mortgage to other property must be made by petition to the governor, who shall appoint two competent persons to evaluate the property offered as a substitute; and if a sworn appraisement of the property shows that its value is sufficient to answer for the sum required, then after accepting the new mortgage, the governor shall have it recorded in the manner directed by law, and authorize the cancellation of all anterior special mortgages, so far as the state may be interested.