JUNIOR IMCUMBRANCES--LIMITATION.
Mr. Chapman's bill [S. 174] limiting the time for redemption by junior incumbrances from sales upon forclosure of mortgages in certain cases being read the third time--
Mr. CHAPMAN said the bill proposes to limit the right of redemption in favor of junior incumbrances to five years where not cut off by decree. There is a provision giving two years in addition in certain cases, and to those who labor under any disability. It is a statute of limitation against junior incumbrancers who have not been made party to the decree. As the statute now stands it is a question whether in such cases the junior imcumbrance has fifteen or twenty years. He did not think the bill was inequitable in any particular, and believed all rights are saved for a period sufficient for the exercise of the right of redemption if it is to be exercised at all.
Mr. MENZIES objected to the bill--it might extend for five years the time of those now restricted to one year--indeed, that seems to be its inevitable effect.
Mr. TRAYLOR was satisfied there is no use of this bill becoming a law, unless some lawyer has failed to make a junior lien-holder a party to a suit.
Mr. BELL thought there could not be anything in some objections made to this bill. It is only a question of policy or propriety whether these lien-holders shall have five, fifteen or twenty years in which to redeem; and that is about the only question in the bill.
Mr. HENRY opposed the passage of this bill. The length of time proposed is too short. It only applies where the junior incumbrancer has had no notice, etc. Under the present law the sale does not affect the junior incumbrancer, and his right may have been barred before the sale.
Mr. CHAPMAN challenged anyone to find good and substantial reasons why a junior incumbrancer should have a term of twenty years in which to redeem property from sale. Instead of extraordinary solicitude in behalf of that class, such solicitude rather should be shown to those whose ownership is open, disclosed, above, and page: 254[View Page 254] who have entered into possession of the property which they have been improvng and making more valuable to themselves and to society. He moved to recommit the bill, with instructions, so as to give two years in all cases after the passage of this act within which junior incumbrancers may have the right to redeem.
Mr. BROWN opposed the bill, and considered it open to the objections named. Case may occur where an undue and unjust advantage can be taken under it.
Mr. CHAPMAN regarded the criticisms as to acquired rights as wholly unjust.
The motion to recommit was agreed to by yeas, 20; nays, 16.
