The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-03-21
WHEN SOLD FOR DEBT
RiaAL ESTATE NAY ne REDEEMED
WITHIN TWO YEARS.
Within Twenty Dass After the
sale 60 Any Amount.

Austin. Tex. March ea.-1he following
u the text Of Mr.. Peery's bill providing
for the redemption Of real estate sold foi
debt. which has passed 10 ensrossHient N
the house:
\ bill TO be entitled An Act to Provide for
the Redemption O. Real Estate Sold for
I Debt,
| BE st enacted by the legislature OF the
I state Of Texas:
! Section !. Tha, real estate sold for debt
shall be redeemaelc i, any time within
/ Two years alter such sale, first, when IL is
sold under execution. second when 1t Is
sold under any decree. Judgment or order
Of court. whether founded upon fore
closure or vendors lien, mortgage, deed
o. trust. or otherwise, third. when 1t Is
sold BY trustee by virtue OF mortgage
OF deed Of trust.
See =. ANY debtor whose interest In real
estate has been SO sold and is subject TO
redemption may redeem sad interest by
paying 10 the purchaser OF to anyone claim
IT,. under him The amount paid or BID ~
him. with interest theron. at the rate
provided for n the original contract. To-
scther with sll other lawful charges
Sec. 3. But u the purchaser In bona iide
creditor by Judgment. decree or debt.
acknowledged by uccd and within twenty
days after the sale be makes an advance
on his bid and credits his debt by deposit
ing a receipt therefor with the clerk Of the
court in which d judgment or decree was
rendered, or If the sale was under deed
Of trust or mortgae. he acknowledges
receipt for such advance before the clerk
OF the county court for registration and
causes the same to he registered In the
county where the land lies. then he shall
hold the property subject TO redemption az
the price bid. and such advance. just as
If ne had bid the whole sum at the time of
the sale.
Sec. 4. a bona iide creditor who rodeems
from the purchaser at the sale shall hold
the property subject TO redemption by the
original debtor. or any other OF his creai
tors upon the same terms upon Which IL
was redeemable in the hands Of the first
purchaser. or any person claiming under
him, that Is 10 say, by the party propos-
Ing to redeem raging or rendering 10 the
person holding the land the amount OF
money paid or credited by him as afore.
said, with interest at the rate provided for
In the original contract. and also agree.
Ing to pay to the debtor the further sum OF
10 per cent or more on the sum bid for
said land, when sold. or credlting him with
that amount Or more on the debt owing to
him by said debtor.
Sec. 5. When any such creditor has re
deemed land from the original purchaser
OF from one who has previously redeemed
no may, within twenty days after said re-
demption. advance upon his bid any sum
10 the extent Of his debt or debts Just as |
II he had been the original purchaser
Sec. &. Real estate sold for debt and |
made redeemable shall continue redeem /
n Haht nv aud u 10 re.,
years, after the sale upon the terms aiore- |
said. no matter how often It had previously |
been redeemed; unless 1t shall have been |
sooner redeemed by the debtor, In which /
case the right of creditors TO redeem shall /
cease, and the title shall become absolute |
In such debtor. Provided. further, that /
whcn the real estate sold Is a homestead /
the owner OF such homestead at the time OF ,
sale shall, In no case. he required. in order /
TO redeem. to pay more than the amount
duo thereon at the time of sale, with in
'erest at the rate provided for In the orig.
nal contract.
sec Z. The person proposing to redeem
shali always pay or tender to the holder OF
he land the amount lawfully paid by
llm. with interest thereon at the rate pro-
'lded Tor in the original contract. And If
ne shall be creditor. shall paw TO tina
lehtor, or credit his debt. with a sum equal
o III per cent or more on the sum bid at
ne original sale or with sum equal to
10 per cent unon the Judgment of said cred
tor, at the election Of said creditor.
Sec. 3. In no case. shall the holder or
'aimant or the property increase his hid
igalnst the debt or any bona fide creditor /
Horlhg to redeem the real estate. except
IS above provided,
sec. .. No person holding the temporarv
itle to real estate subject to rodeinption
nal use more OK the timber growing there.
IN
improvements In good repair, and firoyood
eccssary Tor those occupying the same
'"r snail he destroy or remove from tbe
and any fencing or building.
soc ~ me person having the right IN
edeem such real estate may file, in the
'ssrlct court suit for injunction to re-
tra'h waste, and after re1emptlon mnvro
over damages occasloned bv sucb yar,a I
sec H. The debtor permitted by the mn.
naser 10 remain In possession shall M,
" iianic Tor ronts from the date nj ~, I 5
'ie 10 the time of redemption; and n mo 5
uionaSrr or MS assigns take possession
nno, nls purchase, upon REDEMPTION bv
a., ",''' ne snail nave credit for tho
iu rent OF the premises during Tho TIM
hey were IN the purchasers possession s
see, u. The party entitled TO rcdno1, 49,,
VII unS provisions Of this chapter may ma.
Nv exemption money to the clerk of no @
is,rlct court instead OF the debtor =
50 10 IL the clerk fail or rofues n d
aF over snch money to the person ontl,ioJ
:. on application. II may DC roco,nr,,
motion In the same way thai ,noro,,
n demand. ""' p"t pdla over
soc ~ Tho importance OF prov,,,,. y
'-. .uiS o, REDEMPTION In case y, 49,
,,uwn safe or real estate and tho cro,,io,
, ,au1t,on OF tho calender rendering I, ina 7
,ssnp,e mat this bin can he read or nn- Il
,'op"l Gays creates an imperattv. , r,,, Il
,r,rn n's , the constitutional rule 'rn- II
Tvs be SUSIE ur,s 10 be read on three several c.
'"spenaen' and 1t is SO enacted.
THE HIGHER COURTS