Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1893-03-23
The New Redemption Law.

Many inquiries are made regarding
the new mortgage redemption law
passed during tee closing hours Of the
legislature. The REFLECTOR in its
summary Of the legislatures work,
taken from the published proceedings,
gave a brief synopsis Of it's features.
The law has now gone into effect by
reason Of publication in the official
State paper and a more complete out
line will be Of interest.
The principal feature relates to the
matter Of redemption, which is similar
to the Illinois law except that 1t gives
the mortgagor eighteen instead Of
fifteen months In which TO redeem his
property after sale under foreclosure
IL does away with the present stay law
and the waiver Of appraisement. The
mortgagor has exclusive right OF re
demptiOn for twelve mouths, after
which time the judgment creditors
share the right with HIM for the enSu.
ing three months, after which the
mortgagor again enj ,ys exclusive right
Of redemption. The terms Of redemp-
ton under this act are the reimburse.
ment of the amount paid by the mort
gagee or other purchaser at sheriff
sale, with legal interest and costs
The Effect Of this provision will be t.
compel the loaner to bid IN the proper
| ty to the full amount of the loan. Tn,
ght of creditor to redeem within
fifteen months bars the right to later
sale OF the property for any balance
due on the judgment under which Il
was sold, or for any inferior judgment
nr lien. During the eighteen month,
~ equity of redemption the borrower l.
entitled to occupy the property and
enjoy the returns from IT,, but the
holder OF the certificate Of purchase
may recover damages for waste, and y
receiver may be appointed by the courl
to prevent waste when such protection,
Is shown to be necessary. The sheriff
receives his fees for this sale, but NAV
not charge any commission, nor may
any stenographer's costs be charged IN
any foreclosure suit, except Ia cases
where a stenOgrapher has actually beer
employed. There is considerable dis
cussion as TO whether the redemption
| la ~ will lao h.,ld fn cnyar f,raoI,a,,.
cases under present contracts as well NJ
under contracts that be made after the
law goes into operation. 10 section 20
Of the bill rs introduced it was provid.
I'd that IL should not affect prior con
tracts, but this clause was stricken oul
in the committee of the whole, and tn,
bill was passed without any expression
relating to this question.
1t is the opinion of leading attorney,
that the law will not cover contract,
made before its taking effect. L. +
Carver In long article in the Capita
quotes many authorities showing tina
existing contracts cannot be- impaired
by legislation. lie closes:
In these cases the court held that tn
statutes In question, 30 far AS they
attempted To affect pre-existing con
tracts or lhs enforcement of The Obliga
ton of such contracts, were unconsti
lutional and void. And this principl
has since been repeatedly recognizes
and affirmed by the court.
/; In the light Of these decisions onl
one conclusion can be arrived at, an,
that II that the law in question can b
NJ no practical benefit whatever to IN
: present debtor class Of this State.
, The result whether for good or evI
will be manifest when attempts ar
; now made to borrow money on res
estate.