The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-09-26

That property at sher;ff's sale
seldom brings what it is worth is evident
from the fact that these same lots were
once sold for $25 00J and the taxes on
them for four years would amount to
nearly as much as they were sold for
under the foreclosure.
A man who owned one of the finest
blocks on West Sixth street was offered
$25.U0O for the property three wears ago.
He thought that times would improve
aud so refused to sell but applied for a
loan on it instead TO ''cArry him along"
The property was appraised by reputa-
bic men, who placed its value at $25, 200.
The company, the Northwestern Mu-
tual Life, agreed to make the loan on The
property $4,000, and the gentleman re-
ceived that sum. After he had failed to
pay interest, because he was unable TO do
so, the property was sold The gentle
man did not propose TO have big judg-
ment entered against him, SO he had a
man at the sale to bid on the property.
The owner had no money, but he was
making "bluf to save the judgment
over" His property was sold for SO, 700,
and he found that this lacked $625 of
satisfying the costs and interest and
mortgage, so judgment for that amount
was entered against him. Before the
sale the gentleman offered the property
=
refused to accept it.
In another case, where the property is
situated on Quincy street. the former
owner found alter the sale that he had
judgment of over $4,000 against him, be-
sides losing his property.
There are hundreds of cases of
similar kind. Not q week passes that
more are not added to the lis.. The
people send men to the legislature to
been able to send men there who will
grapple with this great evil and over
throw it. The last legislature was not
ably the worst of all ShyIock may de-
mand his pound of flesh since the law
allows it.
Judge A. B. Quinton, who has had
some experience With these cases, and
who will ask Judge Foster to refuse to
confirm sales unless the mortgagee will
satisfy the judgment by taking the pro-
perty, said 10 ii JOURNAL reporter:
Judge Riner's decision was the first
in THAT line. 1t has, however, come to
be nearly a public demand that when
the creditor takes all the value of his
debt he shall not be allowed to hold
cub over the debtor for the rest of his
life. The debt is made on the value of
the real estate aud not on personal OBJ
legation of the debtor, and there is no
reason why the debtor should be- held
beyond the origina security.
'As far as my observation goes. the
debtor is just as honest as the creditor.
The reason he doesn't pay is because he
can't Then this judgment stands before
him and prevents him from entering
into any business. It takes away the
very means by which he would be able
to paw his debts and turks in his path
way like a wild beast ready to spring
upon him if he should come into posses
sion of dollar.
"The foreclosure of mortgage is an
equitable proceeding and the federal
courts have recognized the rule that the
property must satisfy the judgment 1
believe that Judge Hazen's sympahies
are that way, too, but he can't decide
ermit it. am satisfied that you will
find that majority OF the attorneys will
agree that the position of the federal
court is the equitable method of adjust
ing the foreclosures but we have state
law and until the Legislature acts nothing
can be done in state courts. Then too
the federal judges are more independ-
ent They do not have to depend upon
an election. They have nothing to fear.
SIN cases where the appraisement is
not waived there are a lot of indoleRt
fellows who lay around the court house
who are given the work. They do not
know that there is any difference in the
value of lot and the value of an acre
aud the result is almost invariably that
they will follow the wish of the mort
gage company and appraise the proper
ty tor almost nothing and then it may
sell for the amount of the appraisemenr.
( The whole thing is unjust aud an out
rage and should be stopped"