Democratic Sentinel, Volume 2, Number 15, Rensselaer, Jasper County, 24 May 1878 — FORECLOSURE. [ARTICLE]

FORECLOSURE.

An Important Supreme Court Decision. In the case of Brine et aL vs. The Hartford Fire Insurance Company, appealed from the Northern District of Illinois, ihe national Supreme Court has just rendered a decision of great general importance. The Illinois statute provides that, in casesjof Bales under foreclosures of mortgages, the debtor shall have twelve months, and his creditors fifteen months, in which to redeem from the sale, by paying the sum for which the property was sold, with interest at 10 per cent., and costs. The State courts have entered decrees for sales directing the master to issue a certificate to the purchaser, aud, if redemption be not made within the time, to give a deed upon surrender of the certificate. But the United States Circuit Court has been in the habit of decreeing that, if the money found due be not paid within 100 days, then the master shall sell and give an absolute deed. In effect, this practice ignored and cut off the statutory right of redemption, and the consequence was that the national court was chiefly resorted to in foreclosure proceedings. The mortgagee, obtaining an absolute decree of sale, was enabled to bid in the property at almost any sum he might choose to name, and in many instances get a decree over against his debtor for a remainder of tho debt which the sale of the property mortgaged did not satisfy; whereas, in the State courts, the statutory right of redemption practically compelled the mortgagee to bid at least the full amount of the indebtedness. The Supreme Court has now reversed one of these decrees by the national Circuit Court, so far as the mode of sale was concerned. The ground of the reversal must have been that the right of redemption under the State law should be treated as not cut off by the sale, and that in this respect the practice in the State courts should be followed. The statutory redemption right has been held to be a part of the mortgage contract, agreed to by both parties when the mortgage was given, and therefore as binding as any other covenant in the instrument. This, undoubtedly, is the view which the national Supreme Court has embodied in the present decision. The importance of the decision, both to mortgage debtors and mortgage creditors, is therefore manifest.

The Senate iu the Forty-sixth Congress. The present Senate consists of 70 members—39 Republicans am. 37 Democrats. With the close of the Forty-fifth Congress on the 3d of March next the terms of office of 25 Senators will expire. Of these 17 are Republicans and 8 Democrats. The' “ hold over” Senators are. therefore, 51 in number—Democrats, 29 ; Republicans, 22. Five of the 25 States have already chosen the successors of the present Senators—namely, California, Farley (D.) to succeed Sargent (R.); Kentucky, Williams (D.) to succeed MeCreery (D.); Maryland, Groome (D.) to succeed Dennis (D.); lowa, Allison (It.), re-elected; and Ohio, Pendleton (D.) to succeed Matthews (R.) Total 5, and a clear gain of 2 for the Democrats. Senate, 56 —33 Democrats, 23 Republicans. The Democrats will unquestionably elect successors to Spencer (It.) in Alabama ; Dorsey (R.) in Arkansas ; Conover (R.) in Florida; Gordon (D.) in Georgia; Eustis (D.) in Louisiana; Armstrong (D.) in Missouri ; Merrimon (D.) in North Carolina ; and Patterson (R.) in South Carolina. Total 8, and a gain of 4 for the Democrats. Senate, 64—Democrats, 41; Republicans, 23. The Republicans are sure to elect successors to Chaffee (R.) in Colorado ; to Oglesby(R.) in Illinois; to Ingalls (R )in Kansas; to Jones (R.) in Ne-. vada ; to Wadleigh (R.) in New Hampshire ; to Morrill (R.) in Vermont; and to Howe (R.) m-Wisconsin. Total, 71— Democrats, 41; Republicans, 30. By conceding the Senators in the remaining five States to the Republicans, the Democrats would still have a working majority of six in the Senate of the Forty-sixth Congress. New York Graphic.