Red Wing sentinel. [volume] (Red Wing, M.T. [i.e. Minn.]) 1855-1861, 1860-10-24
MIR. McLAREN's RECORD ON THE
THREE YEARS REDEMPTION

THREE YEARS REDEMPTION
BILL. -,..,
1nasmuch as Mr.. McIArcn's course in
regard to this bill is subject Of much dis.
cussion, it being charged that he voted ag'st
the interest and desire Of tho great majority
Of his constituents, and as his course is
sought to be lpisrepresented in order to sus-
tain him in their opinion, we condcnse the
history Of that measure after it was sent to
the Senate until it was finally rassed-cov-
|cring the space of about three weeks-from
the proceedings Of the Legislature as pub.
lished in the daily papers Of St. Paul.
Here is the bill as it passed the House
and was sent to the Senate
BILL. %
For an act TO amend IA act entitled San act
to regulate the foreclosure Of Real Es-
tate. approved July twenty ninth, A. D.,
1858. =
Be 1t enacted by the Leg;:luture If The
State of Minnesota: +-: ss:r T..
SECTION l. That section one, ofan act
entitled ian act to regulate the foreclosure
Of real estate" approved July 20, 1858 be
amended SO that 1t shall as follows viz:
/ Section one. That any real estate here
after to be sold upon the execution, judge
ment, order, or decree Of any court Of this
State, or upon the foreclosure by advertise
ment, or otherwise, of : mortgage contract
or liability, shall be held by the party fore
lclosing the same. subject to the right u
the judgement debtor, or mortgagor, or any
ono claiming through or under him, or them
to- redeem the same At any time within
three years, from the day Of sale, upon pay
ing to the purchaser, mortgage, or julea-
'nent creditor, the sun, Or amount for which
the same was legally sold, or forccloscd and
interest thereon, at the rate Of SEVEN PER
CENT. per annum. Other creditors Of the
original judgment debtor or mortgagor may,
at any time within three years af.er such
sale redeem such premises upon the Same
time as tho judgement debtor or mortgagor,
by paying to the first or previous purchaser
the amount of his bid, and interest, thereon
rs aforesaid, and 50 on and a. often as one
purchaser, mortgage, or creditor shall pur-
Chase or redeem from another: R'0rids0,
That the original debtor, his heirs or as
signs shall have IKE PERIOD or THREE
YEARS for the redemption upon each and
every such sale, foreclosure, advance or re.
delnption after the same shall have been
made, and Notice thereof filed in the office
of the Register of Deeds in the County
where such real estate shall be situated.
SECTION 2. That section two Of said act,
approved July 20, 1853, he, and the same is
hereby amended 50 as to read as follows;
Section ',eo: Provided always, that the
judgmen tdebtor, mortgage, or any one
Claiming, through or under him, shall be
entitled to the possession. rents, use, and
profits of any and all such premises, o,
real estate, so sold, purchased, or forecloscd
up 10 the tins of the expiration Of his right
OF redemption as Aforesaid Prou1cf, That
the judgment debtor shall pay the interes,
ANNUALLY, Ar rue EXPIRATION or EACH YEAR
Se:ticn three. This act shall he in force
and take effect from and after its passage.
Two provisos were attached to the above
bill, in the Senate; the first providing thai
as condition Of retaining possession Of the
premises after the foreclosure, the judgment
debtor or mortgagor should pay at the end
Of each year the interest on the amount due
: and taxes. The second providing that any
person might in writing waive his right 81
redemption. Mr.. AcIarcn voted for BorE
|of those amendments. There was also sr
amendment proposed, reducing the time o
redemption TO two years for which McLaro,
voted and which was lost. On the Esd Q
February when the bill came up on its fins
passage, Mr.. McLaren offered the followin,
amendment in tho place Of tho first amend.
ment above specified: II .gs. r
Ptoriled, that as condition for the re-
tmainins in possession Of said promises 4.