The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-02-16

20 t~ subjected 80 THE costs Of two actions
Tire cases mentioned in 2 Jones
On Mortgages. SECTION LII. - 10 Some
tirlctions between the practice Ia equity
and at law have been abolished for a long
period and i can hardly be supposed II
was intended 20 take such a decisive step
backwards and deprive the court CT sEc1
power and compel resort TO the ola COM
mon law procedure in this particular. IL
would be entirely foreign To the whole his-
tory and spirit OF our Jurisprudence Cen
sequentIy. il the power TO enforce coIlec
ti3n on a deficiency exists. the act as
method Of procedure must be intended TO
confer a private benefit only. and lis rro-
visions can be waived As limiting the
method Of procedure. II Is clearly worse
than useless
Pat the ac. goes further than this. and
is nani.esily intended for something else,
and is SO regarded In some of the briefs:
Its language is plain and not susceptible OF
the construction that Il was intended 10
prescribe matter OF practice Only TIE
body Of the act distinctly limits the right
20 enforce judgments OF a debt Tor ~alSn
mortgage security has been given. 70 the
property mortgaged. and covers cnattei as
well as real estate mortgages While IL
might be void Ia this respect OF the ground
that the substance is not embraced within
the title, graye- constitutional questions
arise. IL Affects more particularly IGeai
capital and business IN relation TO which
cnattei mortgage security IS often taken.
also small urban loans upon real estate:
for Il is 4 well known fact THAI the great
er amount Of capital invested in loans in
the state belonging TO parties residing
withou; the state is Invested in loans upon
agricultural lands. although loans have
have been made 20 some extent upon town
property, particularly large loans 1t de-
prives man 10 a great extent CT me bere-
ut OF his general credit especially II he has
but small amount OF property. For In
stance If he wanted to hire $50 TO build
a house or bay tools TO pursue trade he
might find a man who was willing 10 loan
il 10 him by taking mortgage security upon
such property as he had with a further re-
lance upon his individual credit and abili-
~ TO pay He might be capable of earn
ing good wages or have considerable prop
erty in expectancy. or prospeciively. The
party having the money might not be Will
ing TO loan to him otherwise. but this law
says TO him that II he takes mortgage Sc
curity al all. his remedy is confined To that
and that only. regardless OF the amount of
property the debtor may thereafter ac-
Qtlire, and the result Will generally be that
the loan cannot be obtained. AS applied
10 farm lands there would not be so great
an objection TO such law. for sufficient Sc
eurity can be taken in the first instance.
The value is stable and not generally liable
10 destruction or serious Impairment. but
In the case or the improved town property
ii would be different. 1t is no answer 10
say that its value could be protected by in
surance policies. for it might be damaged
In ways a policy would not cover. Even
agricultural lands might be damaged BY
floods seriously in some localities. and
damage in various ways might happen
Without idutt Vi either Oh parties. uE-
thersnore the title might prove detective
and the debtor have no interest in the
property. or in case OF a chattei mortgage
upon live stock. the stock might die and
thus the remedy be lest entirely. or If II
should be held in such cases that the Sc
cnrity having been lost the debt should be
regarded one upon which no security
had been taken. then suppose in case OF the
real estate loan. a small but Inadequate in
terest remained in the debtor after the
real state OF the title was determined or
in the case of a mortgage upon several
horses. all but one should die here there
would be some security left. but mayhap
insufficient 10 satisfy more than a small
part OF the demand Under this law the
remedy would cease when such property
was exhausted.
Here also a class seems 10 be singled
out. arbitrarily, with no apparent rea son
other than n matter of opinion. as the law
only applies to mortgage loans. not to
other special liens such as mechanics
liens or upon debts secured by deposit Of
coliaterals deposit of warehouse re-
ceipts would create lien upon the grain
but the creditor would not be limited there
10 in case II proved to be inadequate SCI
curfty. while in case OF q ch4ttel mort
gage taken on Ike property for n similar
purpose another creditor would be. In the
case Of lien OF a material man furnishing
lumber for the erection or a building there
would be no such limit but the grocery
man who furnished the necessa ries of life
and took mortgage security would be so
limited Under this law man who holds
.aNtaf= -at~.s Oh 80