The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-01-26
Hnnnn.-rloS or REAL EsrArn.
TEXT Of Two Hills Having That Oh.
jcct In View. E

KrDEMI-rloN or REAL ESTATE.
TEXT OF Two Hills Having Tint OBJ
jcct In View. sNa
Austin. Texas January 2h.-'rhe follow
ing is the text OF Senator Millcrs bin pro-
viding for The redemption of real estate
under execution pending In the senator y
An act TO provide for the sale OF real estate
under mortgage, deed Of trust, or other
Lion. aud to provide for the sale of land
under execution and for the appraisc-
nicnt OF lands sold under mortgage, deed
oil trust. execution or other lien, aud
10 provide for the right OF redemption OF
real estate within two years from the
date OF sale when sold under execution,
mortgage. deed Of trust, or other lien,
and 10 repeal all laws In conflict there
with
Be It enacted by the legislature Of the
State of Texas:
Section | That AZ tho sale of land un-
der mortgage, deed OF trust. or other lien.
hereafter made III this state, the property
sold must bring at least wo-thirds of Its
appraised cash value before such sale Will
pass titlo thereto. and in case said sale
is made under u mortgage, or deed OF
trust, the title to said property shall not
pass until 1t brings sufficient ut the sale
to satisfy and discharge the debt, principal,
interest and costs created by the mort
gage. or deed OF trust. under which said
sale is made.
See g Prior to the time OF making Il sale
oil any real estate under a mortgage, or
deed OF trust, as provided for IN the pro-
ceding article. the holder OF said mortgage
shall apply to the district Judge OF the
county in which said property Is situated,
for the appointment of two disinterested
hcuseholdcrs of the nefghhorhood where
said property Is situated. who shall, upon
oath. return into said court the amount
fixed by them rs the cash value of the
property to be sold which report, II ap-
proved by the district court, shall be taken
as the cash value thereof. and said prop
erty shall bring two-thirds Of said value
upon the sale thereof or sufficient to
satisfy and discharge the debt created by
the lien under which the sale is made,
principal interest. costs and attorneys
fees.
Sec. g. No real estate shall be sold under
execution or order of sale issued out OF
any court in this State for less than two
thirds OF its appraised cash value, exclu-
sive OF liens and incumbrances.
Sec A. The sheriff, Immediately upon
levying NJ, execution. shall proceed ia
ascertain tho cash value of the property
levied upon.
Sec. s. For that purpose two disinter-
csted househoders of the neighborhood
where the levy is made shall be selected
as appraisers. one OF whom shall be Sc
Iected by each of the parties or their
agents. or. in the absence of either party
or his agent, or upon failure or refusal
of either party after three days notice
by the sheriff to make the selection, the
sheriff shall proceed to select the APP
praisers They shall forthwith proceed &c
appraise tho property according to its cash
value at the time. deducting liens and In
cumbfances; and in case of their disagree
ment as TO their value. the sheriff shnll
select a like disinterested appraiser and
with his assistance, shall complete the
| valu ition, and the apprtisement cf any
| two Of them shall be deemed the cash
value.
sec G. 1t shall not be the duty OF the
| sheriff or appraisers to ascertain the
| amount OF liens and encumbrances; but
| either party may furnish the sheriff with
| a list thereof, with the amount and ma
| ture of each.
| See. e. That any lands or real estate In
| this State. sold under judgment, lien
| execution order OF sale, deed OF trust
mortgage or other lien, may be redeemed
| nv the mortgagor or owner. or his heiri
| or legal representatives, at any time be-
! fore the expiration OF two years from thu
| date of the sale of said property; provided
| that such person entitled to redeem such
property under the provisions OF this act
| shall pay the purchaser or his legal rep
| resentatiyes. or any subsequent purchaser
who may have title 10 the property afore'
said. the full amount OF the purchase prics
| nj said property which was bid by the sue
nessfuI bidder at the sale aforesaid, TO
| pether with interest at the same rate pei
annum as is specified in the mortgage, deed
az trust. or other lien, by virtue OF which
1 snid real estate was sold, together witt
| The actual cost incurred in the sale OF sucf
property.
any lands or real estate under the pro
Visions OF this act, may tender TO the per,
son holding title to the said property. Of
IN the agent OF such person, Arm or cor
norafion, the amount OF money herein
hefore specified. which tender shall b
s,lfficient 10 stop the interest on said deb
AGAINST such property. and the said part
so desiring TO redeem may proceed In nv
manner prescribed by law for removing
clouds from title.
sec q No mortgage or lien containing |
| waiver OF the right Of redemption herein
nrovided fer. shall be valid or capable o
being enforced BY law In this State,
Sec 10. All laws and parts OF laws II
conflict with the provisions OF this act be
and the Same are hereby repealed.
The following is the ieAN OF MT, staples
Inn, nending before the ho'ise on the sam
subject as the aboye
An act TO provide for the redemption
real estate gold for debt,
BE II enacted by the legislature Oh To
ssctIen i. That real estate sold for deb
shall be redeemable at any time wiinil
two years after said sale, hrs'' when !.
soid under any decree. Judgment or orde
~ court. whether founded upon fore
rloaurs OF 4 vendors lien. mortgage. dec
81 trust. or otherwise; third. when 'it
sold by a trustee by virtue OF = moTfsas
or a deed OF trust ,,..., 4,
sec. 2. Any debtor whose in,errst J,