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

der execution Uaws 1857, D. 7e). and pro-
vided that in case OF foreclosure the land
might be sold forthwith as lands are sold
on execution TO the highest bidder without
appraisement. and withou. waiting one
year as provided by statute. also waving
the provisions of the deficiency judgment
act Claws 1897. p. ssl. and providing that
In case OF non-paymeDt OF the note there
might be a decree of foreclosure against
the mortgageti land. and a personal judg-
ment upon the note. and In case the land
was not sufficient TO satisfy IT, that an ex-
ecufion might issue and be levied on other
property of the mortgagor IL was further
stipulated in the note and mortgage that
the debt should be payable only In gold
coin OF the United States OF the present
e,andard value. and that the decree and
Judgment thereon should so provide. In
contravention Of the act relating to pay
ment Of obligations U.aws 1897. p. 81; also
that the purchaser Al the foreclosure sale
or his successor in interes; should have
possession Of the mortgaged land during
the time allowed for redemption. bat
should apply the rents and profits upon
the debt In case IL was redeemed. the mort
gagor waving all right TO the possession
as provided by the act granting judgment
debtors right Of poSsege'ien during the Pc
riod Of redemption u4aws 1897. p. III. TIE
mortgages also provided in case Of suit that
an attorneys fee OF - per cent upon the
amount due should be included in The tudg
msnt and In case of a settlement OF the
suit before Judgment an attorneys fee OF
500 should iss payable. which calls In
nlfssStfo t1e prov AsiDnS OF the act reEAtat-
irg attorneys fees U.aws 1896 2. 80. The
mortgage reclted that the loan was OBJ
sained at lower rate OF inierest tnan
would have been fixed were IL not for the
stipula tons and the waivers above stated.
The lower court found that they were al
agreed To- but held that they were all in
valid and that there must be an apprasss-
ment that the land could not he sold for
less than 30 per cent. Of thr appraised
value: that the remedy must be conslnei
20 the property su0rtgaged. that tt could
not be sold before the exp3y2tlon o. ogse
year provided by statute: that the mort
gagOr should have possession rnssr5s15te
that tho debt could - satisfied 81 any kind
OF lawful money. and allowed an attoT-
news fee q 10 per cert. instead of the one
stipulated. whereupon the plasnt1n az
psaIess.
That some Of the questions raised are
OF paramount importance - apparent.
The general situation heretofore ard uow
prevailing IL wsll known aud II - fsTr5ss-
slbIe 20 consider IL for the purpose of ar
r!vjng az thc intention CT tne Legislature
in enacfsn.- some ot the laws il question
Incident 20 the development OF new stas@
IL nas f~sn necessary for people 10 nire
money and this vas 5oEe largely upon
real estate security. sleh aeo1s b< 3as ~
the main unsaslzsied when said !aSS were
PASSED and fas mortgages given 20 secure
~ sar.4s ec1ta ne. be- Affected thereby. II
these taps are valid and r1zist receive TIE
construction conten3ed for in some a the
ErssFs II - apparent that a large naEso-f
ef cfxszens will b. prevented from n*Sg-
ssstinz loans ard fran obtaining gefAef-
ally prevailing lower Tafe o. iafeFee7 Snan
sstssfy present deaES. or p*raaps 70
oasair binding stipulated extensions
of t!rse sss-or1 such debts, or for The purpose
OF contracting new loans tor building