Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1891-02-12
One Feature of Stay Laws.

On6 E6aGuI6 OF quay LAWS. i
To the Editor of THE REFLECTOR:
In reading discussions upon stay
laws and mortgage foreclosures l
notice that they all pass by one imPor-
tant feature of the case, and that is the
positive loss to the community or state
by depreciation of property during fore
closure and during the operation of
stay laws. In our pity for the indi-
vidual debtor we overlook the larger
distinction.
1t usually happens that at least two
years elapse between the time when
the mortgagor ceases to pay interest
and the time when the mortgage can
take possession of the land under a
sheriff's deed. 1t usually takes year,
at least, under our laws to go through
the different stages of summons, judg-
ment, six months stay, advertising sale,
and confirmation of sale. Then before
suit is commenced the mortgage often
waits a year and sometimes two or
three years after default of interest,
in the hope of making some settlement
without resorting to a lawsuit. Now
what is the mortgagOr doing during
this time? From the time when either
by choice or necessity, he determines
not to pay any more interest on his
mortgage, he begins TO lose interest in
his place. He of course is not going to
make improvements in order that some
body else may enjoy them. He is only
anxious to get as much as he can out
of the place while he retains possession.
Consequently when the window lights
are broken their places are filled by old
coats, the broken gate remains broken
or is used for wood, the bricks fall
from the chimney but are not replaced,
cockleburrs and sunfowers pre-empt
the cornfield, the orchard is unprotected
and is girdled by rabbits. Sometimes
the farm is abandoned and then woe
betide it for the fences are soon stolen
and often the buildings are carried
away piece by piece. So it very otter
happens that property depreciates
from 25 per cent. to so per cent. during
the foreclosure of a mortgage and then
people wonder why land does not sell
for more at sheriff sale.
This depreciation is a positive loss
to the community, a decrease in the
value of taxable property and a dam
age to adjoining property owners.
Now if the legislature passes a law CIV
ing stay or privilege of redemption
for two years after sale they will only
add that time 10 the period of uncer-
tain ownership, during which time no
improvements will be made to the land
for the purchaser at a mortgage sale
will make very few if any improve
ments as long as some one else has the
right to repurchase the place for a
fixed sum. The law may provide that
certain improvements be paid for when
the land is redeemed but there are a
thousand aud one things that a careful
farmer does about his farm fer which
no adequate compensation could be
allowed.
In Missouri, trustee under a trust
deed, which takes the place of our
mortgage, can sell and take possession
of land in from 80 to 80 days after de-
fault of interest and under this system
there are not one-tenth as many fore
closures in Missouri as there are in
Kansas. In this respect with all our
commiseration for ''pOor old Mis-
soury" we must admit that she leads
suffering Kansas" HI. IL.