The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-04-12

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Scientific american.
THE MORTGAGE FORECLOSURE
ACT.
A correspondent of the Pioneer-Press,
probably Hon. Jas Smith Jr. says:
have noticed recently several articles
CAPPED into your journal relative to the
act repeating certain sections of chapter
| 81 of the general statutes relating to the
foreclosure of mortgages by advirtise-
ment, and as the considerations govern.
| ing the members of the Legislature who
advocated and voted for the repeating &C
do not appear to be understood, or at
least so far as / have observed have not
been noticed in any of the articles allu>
ded to-, it appears to me that these con-
siderations in Justice to them should not
be overlooked in arriving at q conclusion
az to whether this legislation is expedi-
ent at the present time or otherwise.
The reason urged and facts relied upon
by the advocates Of the bill were, 80 far as
| learned then, substantially as follows:
First-The foreclosure by ADVERTISE
ment furnishes INSCRIPTIONS persons
with an opportunity to enforce the col
lection.of more than is due upon their
mortgages. This is generally done by
claiming more in the notice OF sale than
is Justly due, credits payments that
ought to be endorsed often being pur-
posely omitted; and this course can be
followed without danger OF making the
foreclosure void especially if the proper
tv is purchased by or in the name Of a
third person.
Third-These foreclosure notices are
in many instances, especially where adj
vantage is sought to be taken by the
creditor or his INSCRIPTIONS agent, pub
lished in sectarian and other newspapers
(so-called) that do not circulate gener-
ally among the people, and so far as
they have circulation are seen only by
the members of some sect, but II the
mortgagee or his grantee happens to be-
long to some particular kchurch the no.
tice is sure not to be published in his
own church paper. but in some other
quite as obscure as can be found in the
locality. and of course with intent to pre-.
vent actual notice SO as to secure a valu
able property without redemption. II
the debtor happen to obtain actual no.
: tice the chances are that he is COMPEL
ed to redeem by paying more than is
Justly due, and driven to his legal RENE
DIV if he have one, to collect the amount
thus traudulently included in the sale.
Third-This mode of foreclosure will
lead to interminable litigation, and in
hundreds of cases where the notice has
not been published in q paper OF genera
. circulation any one can see the precarl-
Gus condition of the title so acquired
Fourth-That in many sections oil the
state, especially in the frontier counties
mortgages have been taken including
large amounts of illegal interest, il
. many cases over ten times the whole
!, amount Justly and legally due, and il
other cases where there has been par
tial or total failure of the consideration
; or the note secured. obtained by fraud.
;, Now if these mortgages are required te
! be foreclosed in court the debtor Car
: set up his defense and have the amour
reduced so as to cover what he owes OF
defeat the foreclosure by showing the
/, Ifaud 1t foreclosure is by advertisement
), it may be consumated without his knowl
edge, and if he happens to learn of the
proceeding he must be driven to the ex
!. pense OF an independent action and bring
: the money due, if there be any, int
. court, and so tar as the ignorant and OPP
], pressed people are concerned. who be
!. come the prey Of these inscription
!. money-loaners and agricultural nipple
ment vendors, their property is sweep
! from them by q preceding not tolerated
!, in any part of Christendom save In on
= own and one or two other States; and il
J, those States some provision is made 70
:, personal service of the notice Of sale.
Fifth-It was claimed that these mort
!. cages almost always provide for th
payment Of an attorneys fee in case Q
foreclosure, and that in foreclosure i
court this amount could not be exceede
;. but might be reduced. That the prin
= tiers fees would be about the same j
- either case, except only an occasional
= increase when case OF nOn-residents tn
: summons is required to be published.
= This increase OF printers fees is
:. small matter when we take into the az
= count the perfect title to be acquire
under foreclosure III court, III WHO
n the rights and equities OF all parties ar
"a settled and adjusted. This repeal bi
!, was not introduced by members OF tn
I, bar. 1t was unanimously demanded b
= the grangers and members representa-
!, the agricultural districts OF the state
- and is not likely to be disturbed. A
A to whether the power OF sale is On|
!. provision affecting the remedy or form
% part eff the contract and is beyond legi
- lative control. I do not propose to di
cuss. If any one desires to take the ri:
), after April 1st-, to foreclose by advertis
\ ment can do so.
III IN THE MORGUE.
+, Celia Logan contributes to the Bait
"a more News, this sketch Of the New Yol