A person who knowingly and with intent to defraud sells, mortgages, or bonds real estate upon which there is an existing encumbrance, and receives a portion of the consideration of such sale or conveyance, without notifying the person taking such title or lien of such prior encumbrance, and embodying a description thereof in such subsequent conveyance, shall be imprisoned not more than three years or fined not more than $1,000.00, or both. (Amended 1971, No. 199 (Adj. Sess.), § 15.)