The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-03-16


. The state II To be congratulated upon
having a mortgage law and negotiable
instrument law which brings 1t into lire
with the most substantial states in the
Union. 1t Is weil-estabiished axiom
of cotun@rce that stability is of the
utmost Importance in securing perua-
nent prosperity There Is an unquench-
able thirst for profit. but the richest
! community Is always that i'm which
/ business Is conducted upon weil-estab-
!. lsshed lines. A few years ago this WAS
overlooked In the despair OF many who
! had already lost or Jeopardixed their
property BY uneonsciousy ignoring It.
They sought to remedy the evil by add
ing new evil, and out OF that spirit
arose the mortgage law of 1897, with
other legislation OF like character.
and hardly less mischievous conse-
encnces.
At the last session the legislature
passed II law which defines negotiable
paper and adopts into our statutes the
experience Of the oldest states, It. has
also adopted mortgage law which will
be recognized as absolutely fair 10 both
! sthe borrower and the lender. 1t is 10
the credit Of Gov. Rogers that he mnii-
fed his former views on the subject
and promptly signed the bill There
are many people I'm this state without
regard 10 party who were disposed TO
give She law against deficiency iadg-
ments longer trial A similar measure
has been adopted by one or two states
and II has not been found to work so
intursousiy as might have heen sun
posed from so radical "a change In The
Mws This merit is chiefly due 10 the
!, fact. however, thar II has been left an.
disturbed ana business has proceeded
steadiis. although more slowly, than
where deficiency Judgment is allowed.
The Washington statute strikes a
happy medium and permits a deficiency
Judgment IN be taken only where 1. il
! stipulated In the bond Where the agree
ssssient Is that the security offered IL u
he the limit os liability. that is uphela.
81 course. tire lender may attempt 10
sTut these proyisions in the agreement.
but The borrower esnnet plead ignav-
enee. and he only harm that can come
e. him VIII ee tbs, ths extent e. which
she ear tacumter his property vii, be
4 limited By competition among lenders.
n Is not an unsnixed evsi Public policy
req0sres that when an agreement is
rsaie Il $ha'i rs kept. bur n is no less
Interested IN eheektng the propensit. Il
men se take undue risks by borrowing
beyond their means ~ repayment.
The new law also deals very wisely
viii she fexsd suejecs - rtsaf 81 POS
session ffesuee she LEGISLATURE csnv euets
when she question VAS asked whether
possession should te hal during sha
rstioi ~ yeIeeapiksa by she mortgages
fessS8 controversy aynse That has
been Terminated hy }Vsaine property
int swo Ciasses where th, property -
homestead or farming lan3 in she aze
81 she owner. fAe borrower retains KS
session daring the ves- Of r.sssrssst }.sv.
Thls gives the fasgoer a ilstle 1s-sy,a,r
wsthsn whIeh 80 receiver hfru~+ls. ANA 81
concession In fact. 70 sentiment. h>-
cause L a premise ss mase 80 rsnav
Taamey ts feo sears 81 f. nat strlc< tas-
tiee thai asosser yenv sAossl3 Ae grant.
81 BY iAe Law. ~ y s1a tss,,e Is sve
Hears. WAY The law shes.id arbitrarily
usase II sBx ~ ewtr~~, y - tessaatsrsss
- 49, fenArr e ~ hsows IN advance
.ssss a naeslssai gean ~ cve yca~ss sa.sra.
'scn. really sneans esee yeat fo,sger 3,
that ~ real haFes: Is dane
Where nssa horr0ws sssauey sn \
e-eaeyts which Is rendered nv xoo. So