The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-05-19

DKcIeION AS TO THE RIGHTS OF REDEMPTIos ON
1900 MORTGAGE AND FORECLOSURE.
the Hudssn River Insurance Company rs RacldeE S.li
ker and ohrs-One Of the defendants in this casethe
wife of the mortgsgor-ahough she Joined in the mort
gage refuses 70 yield ssesson Of the mortgaged pre-
mises Notwithstanding tie foreclosure Her counsel in
ssts that like judgment debtor after sale on execu-
tion she has the right Of redemption and the conse-
quent right Of possession for twelve months after
sale III such be correct view Of the present state of
the law, both bar and bench and the whols community
have been laboring under serious error for the last six
the mortgage Pn ts act was 5stssa i
act 1t Is said, passed Nov 90 l847 to amend title of
chapter Of the third part Of the Revised Statutes in
act Il was declared that al the Of the said
title shall extend and apply to liens by mortgage In the
manner as they do to liens BY Judgment decree
Now, among the provisions Of the title referred to- is
that which gives to judgment debtors the right Of
dempon. And hence it is inferred that by the Act of
1s4 the same right Of redemption ia extended to debt
by mortgage The is that every Law he
construed according to its subject matter The title
question BY its very terms had reference exclusively
personal actions as understood before the Code aud
to executions against property such actions 1t
had no reference to equity suits to the sales FORE
closure, except in single particulars junior creditor
covery Of specified Of money placed upon the
same footing in respect of the righ of redemption
y IldinSry common Jaw BOTH
under the old execution, and alike entitled to as
against such sale. 1t discovered, however,
tanned at strong claims in respect of
the privilege Of redemption either Of the other two
And accordingly the fftyfrs section of the title ia
question was amended, by inserting, after the words
AMY creditor having decree Judgment the words
"or having a mortgage duly recorded" Having done
this II became obviously necessary that oil the other
proyisions-some twenty odd in number-shch related
to liens by Judgment decree should be ssextcnded
and applied to liens by morgage"-such for instance,
as al owing redemption OF of several lots,
or Of undivided share of single lot parcel de
fniDg the time when the title of the judgment debtor
shall be Invested and how tho redeemiEg creditor may
himself be subjected to redemption, in favor of
other holder of like en and how the sher(f's deeds
OF she act 10 provide for the holders not for tho
gyers of mortgages and in not of foreclosure bat
Of ales under execution in personal actions Mort
gagors had already right to redeem as against such
sales, and this act extended the right to
The FORMER too for twelve months hal the
the rights OF the latter oven by the ameniment c,ud
only be exered after the former had by his omission
signifed determination TO forego the privilege If the
mortgage debtor would not could redeem from the
execution sale, there seemed peculiar fitness In allow
ing the mortgage creditor to himself and in doing
so, virtually save the debtor In other words the evil
be remedied obvious and the to effect it should
therefore, be construed to attain that end and not
an end never dreamt of by its trainers and never magn
ed, as believe, by any Of its expoundcrs until now.
New discoveries, whether real imaginary are aleu-.
lated to hater the natural vanity of But in the
Interpretation of laws made for business community
and by business legislators such discoveries
lightly received. Cotemporaneous and long continued
uninterrupted exposition is safer guide The intention
OF the lawmaker is the law; and In republic like
the best evidence Of that intention is the practical expo
stion Of the whole community. The motion OF the pur-
immediate delivery Of possession must be granted with
costs.