Hope: 1934 national housing act
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Supreme Court of United States. Alfred W. Bowen and Karl H. Covell for appellant. Harry H. Peterson, Attorney General of Minnesota, and Mr. William S. Ervin, Assistant Attorney General, with whom Mr. George T. Simpson was on the brief, for appellees.
Appellant contests the validity of Chapter of the Laws of Minnesota ofp. The statute was sustained by the Supreme Court of Minnesota, Minn. The Act provides that, during the emergency declared to exist, relief may be had through authorized judicial proceedings with respect to foreclosures of mortgages, and execution sales, of real estate; that sales may be postponed and periods of redemption may be extended.
There are separate provisions in Part Two relating to homesteads, but these are to apply "only to cases not entitled just click for source relief under some valid provision of Part One. The Act declares that the various provisions for relief are severable; that each is to stand on its own footing with respect to validity. By another provision of the Act, no action, prior to May 1,may be maintained for a deficiency judgment until the period of redemption as allowed jational existing law or as extended under the provisions of the Act has expired. Prior to the expiration of the extended period of redemption the court may revise or alter the terms of the 1934 national housing act as changed circumstances may require. Invoking the relevant nationzl of the statute, appellees applied to the District Court of Hennepin County for an order extending the period of redemption from a foreclosure sale.
On the hearing, appellant objected to the introduction of evidence upon the ground that the statute was invalid under the federal and state constitutions, and moved that the petition be dismissed.
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The motion was granted and a motion for a new trial was denied. Evidence was then taken in the trial court and appellant renewed its constitutional objections without avail. The court also found that the property was situated in the closely built-up 1934 national housing act of Minneapolis; that it had been improved by a two-car garage, together with a building two stories in height which was divided into fourteen rooms; that the appellees, husband and wife, occupied the premises as their homestead, occupying three rooms and offering the remaining rooms for rental to click at this page. The state court upheld the statute as an emergency measure. Although conceding that the obligations of link mortgage contract were impaired, the court decided that what it thus described as an impairment was, notwithstanding the contract clause of the Federal Constitution, within the police power of the State as that power was called into exercise by the public economic emergency 1934 national housing act the legislature had found to exist.
The court said: "In addition to the weight to be given the determination of the legislature that an economic emergency exists which demands relief, the court must take husing of other considerations. The members of the legislature come from every community of the state and from all the houing 1934 national housing act life. They are familiar with conditions generally in every calling, occupation, profession, and business in the state. Not only they, but the courts must be guided by what is common knowledge. It is common knowledge that in the last few years land values have shrunk enormously. Loans made a few years ago upon the basis of the then going values cannot possibly be replaced on the basis of present values. We all know that when this law houaing enacted the large financial companies, which had made it their business to invest in mortgages, had ceased to do so.
No bank would directly or indirectly loan on real estate mortgages.
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Life insurance companies, large investors in such mortgages, had even declared a moratorium as to the loan provisions of their policy contracts. The President had closed banks temporarily. With this knowledge the court houeing well hold that the legislature had no basis in fact for the conclusion that an economic emergency existed which called for the exercise of the police power to grant relief.]
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