The weekly pioneer and Democrat., 1860-04-13
The Three Years Redemption Law.
AN ACT TO REGULATE THE FORECLOSURE OF
REAL ESTATE.

1he Three Years Redemption Law.
AN ACT TO REGULATE THE FORECLOSURE OF
REAL ESTATE.
BE At enacted, &c. Sec. l. That section
one of an act, entitled can act to regu-
late the foreclosure of real estate" approved
July 20, A. D. 1858, be amended so that it
shall read as follows, viz: Section one
That any real estate hereafter to be sold
upon the execution, judgment, order or de-
cree of any court in this State, or upon the
foreclosure by advertisement, or otherwise,
of mortgage, contract liability, shall be
held by the party purchasing the same snb~
ject to the right of the judgment debtor or
mortgagor, or any one claiming through or
under him or them, to redeem the same at
any time within three years from the day of
such sale, upon paying to the purchaser,
mortgage or judgment creditor, the sum or
amount for which the same was legally sold
or foreclosed and interest thereon, at the
rate of seven per cent. per annum. Other
creditors of the original judgement debtor Or
mortgagor may at any time within three
years after such sale redeem such premises
upon the same terms as the judgment debtor
or mortgagor by paying to the first or pre-
vious purchaser the amount of his bid, and
interest thereon, as aforesaid, and so on as
often as one purchaser, mortgage, or credi-
tor shall purchase or redeem from another
PROVIDED, That the original debtor, his
heirs or assigns shall have the period of
three years for the redemption upon leach
and every such sale, foreclosure or execu-
tion (advance or redemption) after the same
shall have been made, and notice thereof
filed in the Office, of Register of Deeds in the
county where such real estate shall be stu.
ated.
Sec. 2. That section two [2] of said
act, approved July twenty-ninth eighteen
hundred and fifty eight, be and is hereby
amended so as to read as follows, viz Sec.
2. Provided, always, that the judgment
through or under him, shall be entitled to
the possession rents, use and profits of any
and all such premises or real estate so sold,
purchased or foreclosed, until the time of
the expiration of his right Of redemption as
aforesaid. Provided, that as condition for
remaining in possession of said premises
aforesaid, the judgement debtor or mortga-
gor shall pay at the end of each year the
amount of interest that shall have accrued
since the sale, at the rate of seven per cent.
per annum, 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 to retain possession any longer
shall be forfeited on the part of the judg-
ment debtor or mortgagor. And, provided
also, that this Act shall not effect the rights
and remedies conferred upon mechanics and
laborers under the existing lien laws, ap-
proved March Goth, 1858, and August 18th,
1858. And provided, always, that nothing
contained in this Act shall be construed to
effect any sale which has heretofore been
made; and this Act shall not apply to any
proceeding or foreclosure or otherwise to
which the State or any township, city or
county in this State shall be a party. Pro-
vided further, that all laws in force at the
time of 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 hereto
fore, in all cases of future sales and redemp-
tions to which this act cannot legally ex-
tend and apply.
Sec. 3. 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 as allowed by
this act, or any portion of said time of res
demption.
Sec. 4. This act shall take effect and be
in force from and after its passage.
AMOS COGGSWELL,
Speaker of the House of Representatives.
IGNATIUS DONNELLY,
President of the Senate
Approved-March tenth, one thousand eight
hundred and sixty. ALEX. RAMSEY.