The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-10-02
RIGHT or WAIVER.

No one subject, perhaps, peculiar to
this state, affects larger number Of
people at this time than the law re-.
lating to mortgages. As applications
for renewals are met with objection on
the score OF the new law, the full effect
OF its provisions Is being realized.
One OF several correspondents takes
very decided stand in defense OF the
quences of the act may be ayerted by
waving the right to the benefit OF the
law by the mortgagor. There Is a con-
fiict OF authorities on this subject, but
II the supreme court of this state shall
follow the authorities in the state OF
Pennsylvania the mortgagor may OBJ
tain relief and the mortgage be WILL
ing 10 renew. and even take the risk on
future transactions. Under the COM
mon law. proceedings TO forecloss n
mortgage cannot be commenced sunui
year and day after maturity; bat 10
The state OF Pennsylvania all printed
mortgages contain a clause by which
tbs nortgasor valves benefit of this
right and provides that proceedings 10
soreelose may be instituted forthwith.
end Immediately after payment is due.
"a the same state the law provides for
. stay Of execution and exempts $500
worth OF property levied on by the
sheriff under writ OF execution. IL also
provides that where real estate Is taken
en- execution under judgments the
sheriff shall appoint jury o. seven
freehoiders. who shall appraiEe the real
estate. and determine its value. and
fad whether tho rents, issues and
PROFITS Of the same will be sufficient TO
pay the debt. interes; and costs. ia
femi-annual payments. within seven
years. All Of these provisions for the
benefit of the debtor can be waived.
and usually arc waived by a judgment
aote or warrant Of attorney. which.
when hled In the Office OF the prothono-
tary. becomes Judgment and lien on
all thu real estate Of the obligor. un-
less restricted 20 certain real estate.
Tsis is an Inexpensive way to arrive q:
settlement, and although the laws
have been enforced for at least Atty
years. the appraisement u real estate
under the law is very uncommon and
mortgages comparatively rare.
II has been cited as a contrary authos-
~ that in Louisiana The courts held
that a stipulation tn a promlssory note
that property Of debtor shall be sold
without the benefit * appraisement q
one which viii nor be enforced hy
courts. But Justice buchanan. concur
ring tn Tho general result In thar case.
did not asrce with the reason. aad held
shat tse right 60 the benefit ~ appralse-
mcut may be Waived by tbs debtor. and
his property sold at the arst oEerinx
Tor cash for whatever price il nay
bring. IL Is necessary. however. In such
case that the waiver BE- In : more
soleain and authentic form than that
~ > mere p7omissory nete. otherwise
the waiver would become = mere
formula in such instruments ana the &C.
tire peliey of The lsw be thereby defeat
ed. % the Injury ~ both debtors ard
creditors Tho court aoes rot say that
8 mortgage IS aose solemn and al
thentie form than a prouissory note.
but the waiver coaIt easily become =
mere formula in s0ch Instruments. II
is evident that higher authority must
se looked for
In that sane case IL vas held that
1a-tieS n2y regulate skelg conduct y