APPRAISEMENT WAIVER.
Mr. Briscoe's bill [S. 96] to declare void all waivers of valuation and appraisement laws in notes of hand and other instruments of writing, coming up with a Committee report recommending indefinite postponement,
Mr. BRISCOE hoped that the Committee report would not concurred in. This bill is a matter of great importance to the people. It will affect a deserving class to a great extent to their special benefit and would bring about a much desired peaceful and bloodless revolution. As the law now stands, person may waive valuation and appraisement laws under which property is taken by virtue of execution and sold without regard to its value, and in many cases sold for not one-tenth part of its value. No detriment could result from the of this bill. In foreclosure of mortgages, where property has sold for not one-half its value, the remaining indebtedness is fastened on the mortgagor; his property is taken from him and a personal judgment follows.
In this way many well to do persons, because of some misfortune resulting from sickness, or loss of crops, the money shark has come in, and there are thousands burdened with personal judgements in this way. Whereas, if this bill passes, a great, very great relief would come to this deserving class of citizens. The capitalist, under such circumstances, frequently is not satisfied with even 33 per cent.
Mr. Hart hoped the report would not be concurred in. The bill is in the interest of the debtor class, while the present law is very oppressive on the poorer classes of citizens.
Mr. FOSTER also believed the bill has some good features in it, and hoped the bill would be laid on the table so it can be considered at some future time.
Mr. CHAPMAN believed the bill can be as fully understood in five minutes as five days. It proposes to nullify that part of a contract with reference to collection of a debt which waives the benefit of valuation and appraisement laws. Senators can now make up their minds to say whether or not such contracts shall not be enforced. If it be policy to nullify that part, why not go a step further and say a man's contract in writing for money shall not be enforcable in any Court in this State? The effect of such a law would be to regard every man as incapable of making any contract in relation to his business. If there were less obstacles to he enforcement of the payment of debts in this State, the people could borrow money at least 2 per cent less than they can now.
Mr. TRAYLOR cited further reasons why the bill should not take up the time of the Senate at a future day. A majority of the debts contracted are for property sold. It is said this bill is wanted for benefit of the debtor class. Men buy corn and pork, etc, and give notes payable in ninety or more days for this property of the hard-working men-payable without intervention or appraisement laws-and say the maker of the note had all his real estate heavily mortgaged by the process of law, such notes can not be relied on. This bill would cause men who have money to loan to refuse to loan it, and would work, in other ways, detrimental to the public good.
Mr. VOYLES considered that men generally have discretion enough to leave out the waiver where they so desire. There is no use to undertake by legislation to say what a man shall or shall not do, in such matters. He hoped the report would be concurred in.
Mr. VIEHE favored concurrence in the report also. One of the principal objects of law is to enforce the carrying out of contracts as made and the true policy is to compel men to fulfill their contracts to the letter. How can it be possible that a man can allow his property to be sold for 10 per cent. of its value? as for real estate there is a full year given for redemption.
Mr. HENRY referred to other objections to the bill. It provides that all property shall be sold for two-thirds value, without regard to the contract. In cases where a Trustee misappropriates funds it is made to apply as well. He opposed the bill in every phase of it, for it proposes to take page: 124[View Page 124] away everything in the statute concerning waiving of valuation and appraisement laws.
Mr. Foster's amendment was rejected.
The report of the Committee was concurred in by yeas, 28; nays, 8; and so the bill was indefinitely postponed.
