by John Marshall Harlan

“ Can it be said that the mode prescribed by the federal court for securing the money going to the purchaser impairs his substantial rights? It he less secure than he would be if the money is paid to the officer having the execution? Clearly not. The substantial right given by the statute to the purchaser is that the redemption money be secured to him before the benefit of his purchase is taken away, and the substantial right given to the party redeeming is that the redemption becomes complete and effectual upon his payment of the required amount. ”

“ That the reduction of interest to be paid to the purchaser would lessen the probable number of bidders at the decretal sale, and thereby diminish the chances of the property bringing the mortgage debt, are plainly contingencies that might never have arisen. They could not occur unless there was a decretal sale, nor unless the mortgagee became the purchaser; and are too remote to justify the conclusion, as matter of law, that such legislation affected the value of the mortgage contract. ”

“ Co. 96 U.S. 627, it is decided- reversing the practice which had obtained for many years in the circuit court of the United States sitting in equity in Illinois that the state law giving to a mortgagor of real estate the privilege, within 12 months after a decree of foreclosure, and to his judgment creditors within three months thereafter, of redeeming the premises, is a substantial right, and constitutes a rule of property, to which the circuit court must conform. ”