The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-01-24


reunion of the veterans of the Black
Hawk war, which takes place at
Springville today.
Council adjourned at 5.
House.
The House was called to order at 2
p. m. by Speaker Emery.
Prayer by chaplain.
The minutes were read, corrected
and approved.
SUGAR FACTORY VISIT.
Wines presented an invitation from
Manager Cutler, of the Utah Sugar
factory, for the members to visit that
institution ;on their way to Provo
Accepted with thanks.
Speaker Emery informed the House
of the tender by the Rio Grande West
ern of special to Provo.
Johnson presented the claim of ex-
Collector Fox, of Sanpete county. Re
ferred.
AGAINST SEGREGATION.
WINS presented a petition of seventy
residents Of San Juan county protest
ing against putting part of that county
within the limits of Grand. Referred.
BOUNTY ON BEETs.
Wines presented petition in favor
beet growers. This was signed by a
committee of the board of directors of
the Utah Sugar company. Powers
moved to refer to the committee on
agriculture. Varian did not wish it so
referred, but wanted it to go the man
ufactures committee. Tolton wanted
to know whether the farmers wanted
two bounties. Stanford moved ref
erence to the committee on manufac-
lures. Roll call and SO referred.
The principal of the 3. Y. academy
invited the Assembly to visit that in
stitution while at Provo. Accepted
with thanks.
Allen presented a petition in relation
to constables and justices.
STATEHOOD MEMORIAL.
The committee on enrolment report
ed that the statehood memorial had
been sent to the Governor.
MORTGAGES AND TRUST DEEDS.
The committee on judiciary reported
as follows:
Mr. Speaker: Your committee on
judiciary having had under considera-
ton H. B. 5, entitled "a bill for an act
fixing the time for the redemption of
real property, sold at forced sale" and
H. B. -, relating to real actions, begs
! leave to report:
POWER OF EXTENSION
The question of the power of the
Legislature to extend the time for
redemption in case of mortgages now
existing and to grant a right of re.
demption in cases of trust deeds here
tofore executed has been carefully con-
sidered and the conclusion of the com
mittee is that such authority cannot
lawfully be exercised
AS to mort ga PeS If &c haIia1rod +1,o
an extension of the right of redemp.
ton, as proposed by H. B. 5, and in
argument before your committee from
six to fourteen months, would so ma
terially affect the obligation of the
contract through the restricting of the
remedy as to render the legislation
viod.
AS TO TRUST DEEDS.
AS to trust deeds the proposition
would be still more clear under the
principles laid down by the Supreme
court of the United States in a, series
Of cases. 1t has been suggested that
as these last named instruments are
not authorized by any statute, but are
supported by decisions of the courts
directly or indirectly recognizing them
they would not be within the principle
or reason of the rule. The committee
does not concur in this view. The
system of giving and taking security
through trust deeds has prevailed here
for many years. Recognized in MANY
ways in the decisions of the courts
the system has become a rule in real
property law firmly imbedded in our
Jurisprudence. A trust deed is a con.
tract, as much so as if authorized by
express statute. Hundreds of thous.
ands of dollars have been loaned tc
our people on such securities and in
reliance upon their efficacy and force
To burden them with additional re.
strictions, even if lawfully authorized
so to do would, in the judgment OF
the committee, be unjust But nc
doubt is entertained on this question
The Legislature has not the power
While, it is true, the inhibition of the
constitution against laws impairing the
obligations of contracts, in terms an.
plies only to states, it is believed that
all courts, by just and rational con-
struction, would make the application
to territories as well.
Therefore the committee recommends
H. 3. do not pass.
FORECLOSURE OF TRUST DEEDS
In addition to the foregoing obiec.
tons, which are applicable also to TT
B. 10. it may be observed that nc
sufficient reason appears why trust
deeds should be required to be fore.
closed in a court of chancery. The
result would be to destroy their pecu-
liar efficacy and their use as loan
securities would be abandoned. The
committee is not prepared to say thai
this result is desirable 1t would seem
preferable to leave the matter as al
present, i. e., to the borrower and
lender to determine for themselves the
kind of security suitable to the neces.
sites of the case The recommends
ton, therefore, is also as to H. B. 1.
that it do not pass.
TO EXTEND THE TIME.
But the committee is of opinion that