The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-02-12
THE STATE.
Continued from First Page.
THE MORTGAGE LAW.

| F1E MOff OHGG LAW
TOPEKA, Kan. Feb. 1L-Following /:
the text of the new mortgage law passed
by the house The bill was drafted by
Representative Douglass:
AN ACT
Relating to mortgages and other liens uD
on real estate. providing for the enforce
ment thereof, and regulating the right ol
redemption therefrom.
Be it enacted by the Legislature Of the State OF
| Kansas:
Section /. ANY owner of real estate may
exc ute a mortgage thereon containing III
addition TO any stipulations now author
| lied by law, a provision empowering the
sheriff of the county in which the Land Is
situated to sell the interest of the mort
gagor therein to satisfy the debt secured
| by the mortgage after the same shall have
/ become due and payable; but no such sale
/ shall be made except upon the conditions
! specified in this act.
Sec . When the debt secured by mort
/ gage containing such power of sale has be-
come due, the holder or holders thereof
may make demand in writing of the sheriff
TO advertise and sell sue land for satisfac-
tiou of said debt so secured. Such demand
shall show the date of the mortgage, the
names of grantors and grantees, the book
and page where the same is recorded, the
date when the debt secured thereby be-
Z
thereon at the date of such demand and
the person demanding sale shall also de-
liver to the sheriff the original note or
other evidence of debt secured by said
mortgage, and shall pay to said sheriff ten
dollars
Sec. 3 The sheriff shall thereupon give
the owner OF said note or other evidence of
debt a receipt therefor, and shall proceed
TO advertise SAID land for sale Such ad-
ha1 la r,nh oh ba6 n
said sale at least once each week in three
alternate weeks in some newspaper of gen.
eral circulation published in the comfy in
which the land is situated, and the first
publication shall be made not less than
thirty days prior to the date of sale
Sec. 4 The sheriff shall upon the date
advertised proceed To sell said land to the
highest bidder, and shall execute to the
purchaser a certificate as hereinafter pro-
vided. For iits fees in making said sale
and advertising the same the sheriff shall
be entitled to receive the ten dollars paid
10 him as above and no more.
Sec. ). The sale so made shall pass to
the purchaser al the right. title and inter-
est to said real estate which the maker of
the mort gage possessed at the date of its
execution, subject, however, in all respects
TO the right of the debtor or owner or
other creditors to redeem. and to the right
of the owner of the land TO occupy the
same as hereinafter expressly provided.
Sec. 8. Any sale OF real estate under
this act, made contrary 10 the provisions
of the mortgage, or at a time when the
debt secured thereby is not in fact due,
shall be set aside by the district court on
application of the debtor or any party in
jured thereby: Provided, That said appi-
cation be made within three months from
the date Of said sale. If said sale be so set
aside, the costs OF the proceeding includ
ing a reasonable attorneys fee, to be fixed
by the court, shall be taxed against the
person or persons on whose demand the
said sale WAS made, and in favor of the
party or parties inst tuting the proceed
ings TO set aside said sale, and shall be
cOliectible as other costs in other proceed
ings or actions in the district court: and
said costs SO taxed shall also be a lien uDOn
the note or other evidence of Indebtedness
in the hands of the sheriff, and, if not paid
may be deducted from the proceeds of any
subsequent sale of said real estate for the
satisfaction of said debt in such manner AS
the court may decree.
See. :. At the expiration OF the three
months if there be no proceedings to set
aside said sale then pending, the owner or
owners OF the note or other evidence of in
debtedness shall be entitled to turn of
the same. But before it shall be so return
ed the sheriff shall credit il upon the back
LheTtO1, III Ittl lbh, bH6 iull amount palQ
by the purcn ISer at the sale. less the ten
dollars allowed said sheriff for expenses of
sale; and if the amount bid at the sale
equals the amount due, said note or other
evidence of Indebtedness shall be marked
Cancelled by the sheriff Ifthe court shall
set aside said sale. and the amount of the
costs of the proceedings to set aside be not
paid within ten days, the court shall order
the sheriff TO retain possession of said note
Or pt 10 II fafp pa z .a
said costs be paid.
Sec. s. No person who fails to deliver
to the sheriff the said note or other evil
dence of Indebtedness shall be entitled 10
a foreclosure of said mortgage in the man
ner provided in the foregoing sections; but
nothing in this act shall prevent the fore
closure of a mortgage by action in any
other manner now provided by law; aud
all foreclosures of mortgages, whether as
herein provided or by action, shall be sub
Ject to the provisions hereinafter contain
ed regulating the right of parties in inter
est 10 redeem the lands sold in sucn fore
closure proceedings.
Sec @ Within five days after any sale
made under the foregOn provisions, the
sheriff shall make report OF said sale to
the clerk OF the district court. The clerk
of the district court shall keep q sale-bOok,
in which shall be recorded ali sales of real
estate made under execution or order of
sale, and of all sales made by the sheriff
under any power Of sale in any mortgage
as authorized by this act.
Sec 10. From the proceeds OF any sale
made under power of sale contained in "A
mortgage, the sheriff shall pay first TO the
creditor secured by mortgage the amount
of his claim, in addition 10 the so adj
vanced 10y him for costs. II such proceeds
be insufficient to pay the entire debt and
costs, he shall pay over to the creditor the
whole of such proceeds, To be credited on
account; and If the same be more than
sufficient to pay the debt and costs. the
sheriff shall pay the surplus 10 the owner
of the real estate so sold.
Sec. II. When any real property Is sold
on execution or order of sale. or under any
power of sale contained in any mortgage,
the owner of the recorded title of said
property may redeem the same at any time
within two years from the day of sale as
herein provided, and will in the meantime
be entitled to the possession. use and CON
troll OF the said real property.
Sec. T. II at any time before 9 o'clock
a. IN. on the day Of sale the owner shall de-
liver 10 the sheriff plan of division OF
the land advertised TO be sold, subscribed
by him, his agent or attorney, the sheriff
shall sell according to said plan so much
of said lands as may be necessary to sat
isfy the debt and costs. and Bo more. But
il no such plan IS furnished the officer may
sell without any division.
Sec IS. When such property IS sold. the
sheriff shall execute TO the purchaser Ger
tifcate containing a description Of the
property, aud the amount of money paid
by such purchaser. and stating hat un-
less redemption Is made within two years
thereafter according 10 law. he or his heirs
or assigns Will be entitled 10 a deed for the
same.
Sec IL For one year after said sale the
owner shall nave exclusive right to redeem
from the purchaser at the sale, by paying