The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1891-10-09
OUR REPUBLIC4N sENATE.

d.
and was thoroughly conversant with
the laws or the state and their prae-
ticai operation. In his message to the
legislature january O,Iss0, he uses the
following strong Language in reference
TO the laws of this state on the subject
of mortgages
The laws concerning mortgages need
revision and radical Improvement. 1t
should require something more than "a
mortgage 10 steal "a mans fa-m. either
in this or any other state Appraise-
msnt OF property before its sale under
foreclosure should be surrounded with
stringent limitations to protect the in-
terests of the debtor, and the right of
redemption should not only be extended
but maize secure. Our ChaUtel mortgage
laws invite Cutrages on property rights
that are as Migrant as grand larceny
and the wrong and injustice that has
been done under the shield Of these
laws is a disgrace to civilized govern I
ment. Our mortgage laws should be
generally remOdeIed so As to protect
the interests and rights of debtors and
mortgagCrs against the greed and in l
humanity OF creditors and mort ]
gagees."
The foregoing criticism on the laws
of this state enacted through the inhu- /
ence Of real estate spectators and I
money Ioaners, Is as true and correct /
now as 10 was at the time it was
uttered, for the simple reason that the /
legislature of 1889 absolutely ignored |
the governors suggestion, and the
same republican senate in 1891, sum
ararily rejected every bill passed by
the alliance house, to remedy this
deplorabIe condition of the law.
Every lawyer in this state who is
familiar with the laws of other states
knows that our laws on the subject Of
mortgages are more oppressive and
exacting than the laws of the other
states in the uuion-with but few
if any exceptions. Nearly every state
in the union has a redemption law
uuIer which land sold at foreclosure
sale can be redeemed within a certain
generally two or three years
upon the payment OF the price for
which the land sold at sherif's sale,
and interest thereon, and III the mean
time, allowing the owner of the land
1 t. remain in possession of the mort
| gagged premises. Under such q law,
/ the owner has a chance to raise at
least three crops after his mortgage
/ is foreclosed before he is dispossessed,
and is thus given a chance to pay off
the debt and save his home. But
under our law the land can lie sold at
the expiration Of six months from judg-
ment without appraisement, and the
moment the sale is made the title
passes forever from the debtor, and as
soon as the sale is confirmed the
sheriffs deed is made and the owner
summariIy bounced. As these fore
closures are generally instituted III
times of financial stringency, wheI
the Land is sold, there are no cash buy
ers, and the land is almost invariably
bid in by the holder of the
mortgage at a nominal figure, OK
: appraisemeHt being required whicI
generally is but little more than til,
, costs in the case, leaving a judgmen
still standing against the debtor 10
, almost the full amount of the mortgage
and interest. which can be kept aIivu
and viii follow him as long as he lives
such q system of law is a disgrace
u to any civilized country. 1t is ia
more oppressive than the old common
q law Of England one hundred years age
h Under the old law mortgage Wa
r Ia deed subject to condition coutaiue
r in the deed. If the condition was pei
s. formed the deed WAS void, if the con
dition was not fulfilled the deed decam
Ell absolute and the mortgage was en-
e titled to the possession Of the premises
IS but there was no judgment over in hi
re favor. When he took the land unde
I'D his mortgage the debt was wipe
D. out. But even then the debte
D. was not absolutely cut off from an
Oh chance to redeem the land. With
twenty years after the mOrtgagee ma
taken possession the debtor could fl
a bill in the court of chaucGry
or redeem the land, and upon the pa,
e. ment of the debi and interest less Il
lie rents and profits which the mortgage
p had derived from the land; the cou
I'd would compel the mortgage 30 recol
of vey the land to him, and so caref
I'd were the courts of the rights Of debto
&c that the mortgagor was not permits
u to waive the right Of redemption, eth
We in the mortgage or by a separate agUe
% ment made either at the time or 81
We sequently.
"a This right Of redemption was CALI
IL the equity of redemption, and could
DO transferred with all its rights, and
lg not transferred. passed at The death
the mOrtgagor to his heirs.
D. This was the law as administer
by the courts of equity in EuglaI
and America for hundreds OF yea
before the money sharks got control
III legislation But the law of mortgag
en- has been gradually so modified in &
OK Interest OF Spectators that at t
So present time the condition of Il