Red Wing sentinel. [volume] (Red Wing, M.T. [i.e. Minn.]) 1855-1861, 1860-04-04
THE THREE YEATS REDEMPTION

AN All 70 REGULATE THE FORECLOSURE
EoF Real EsrArE.. S. IS
Be it1snacte;s Jy the Legislutur, efthe Stat
scf Asnne.ota: Fl {s
SEC. l. THAT Section One II Of an Act
entitled (" An Act to regulate ths foreclosnr,
of Real Estats'' approved July twenty nintl,
A. p. eighteen hundred and fiji y eight, b
amended 50 that it. shall read as follows
viz: Section one. That any Real Estat
hereafter to b. sold upon the execution
Judgement order or decree Of any Court i,
this State. or upon tho foreclosure by ad
vcrtisemeht, or otherwise, Of mortgage
contract liability, shall he held by the par
ty purchasing the Same subject to the right
Of tho Judgement debtor or mortgagor, o,
any one claiming through Or under him OF
them, to redeem the same ut any time with
in three years from the day Of such sale
upon paying to the purchaser, mortgage,
or judgment creditor, the sum or ainoun
for woich the same was legally sold or fore
closed and interest thereon, ut the rate o
seven per cent per annuin. Other creditors
OF the original judgement debtor or mortga
gor may At any time within three years ait
er such sale redeeln such premises upon the
same terms - the Judgment debtor o.
mcrtgagor by paying to the fist or previous
purchaser the amount Of his bid, and inter
est thereon. As aforesaid, and SO on as otter
|as one purchaser, mortgage, Or creditor
|shall: purchase or redeem, from another: Pro
Evll,dr ,phaSths originaldcbtor his heirs or as
signs shalt have the pariod Of three yeras foI
the redemption upon (each and every s,'ct
sale, foreclosure or execution (advance o,
redemption) after the same shall have Leer
made, and notice ;hreof filed in the Office Of
Register Of Deeds in the county where sucl,
Real Estate shall be situated. II fl. -.
SEC. 2. That Section Two ri of said
Act, approved July twenty ninth eighteen
hundred and 6ny-eight, he and is hereby
amended so as to read as follows, viz:-SEc.
p. .Prdridd. always, that tho judgement
debtor, mortgagor, or any one claiming
through or under him, shall b. entitled to
tho possession. rents. use and profits Of any
aud all such premises or real estate 50 SOLD
purchased or foreclosed, until the time Of
the expiration Of his right Of redemption as
Aforesaid. Provided, thai AS a condition for
remaining in possession Of said premises afore
said. tho Judgement debtor Or: ,mortgassor
shall pay At the end Of each year tho amount
ofinterest that shalt have accrued since tho
sale. 1t tho rata. sever, per cent per an.
mum, and shall pay all taxes which may be
due against said premises at that time. and
that If said interest is not paid, all right tc
retain possession any longer shall BIZ forfeited
on the part ot',he Judgment debtor o,
mortyagor. And, proviced also, that this
Act shall not effect the rights and remedies
conferred upon machancis and loborerS, un
der the existing lien laws. approved March
Goth, 1858, and August l2sh, 1858. And
provided. always, that nothing contained IL
this Act shall be construed to effect any sale
which has heretofore been made AMI this
Act shall not apply to any proceeding o,
foreclosure or otherwise 70 which the State
or any township. city or county in this State
shall b. party. Provided further, that all
laws in force ut the tune 0: the passage Of
this Act upon the subject Of the redemption
Of property sold upon execution, mortgage
or order Of court, shall continue in force
applicable as heretofore. in all cases Of future
sales and redemptions to which this Act
cannot legally exteEd and apply.
SEC. 5. Any person may, in writing ex
ecuted and recorded in the same manner as
mortgages are now executed and recorded
waive his right Of REDEMPTION IS allowed by
this Act. or any portion Of said time Of re-
ton.
SEC. 4. This Act shall take effect and b.
in force from and sftcr its passage.
AMOS COGGSW ELL,
Speaker Of the House of Representatives
lGNATIUS DOENELLY,
ZIP fu.. President of the Senate
Approvek Mach tenth one thousend eight
hundred and sixty. ALEX, RAMSEY.
sEcRETARY's OFFICE, MINNESOTA
March 10TH 1860.
thereby certify the foregoing to be true
copy of the original Oh file in this Office.
j. H. BAKER.
Secretary of State.