Full Text

Frazier-Lemke Farm Bankruptcy Act


Subject History

Place Northern America » United States of America

DOI: 10.1111/b.9781577180999.1997.x


Extract

(28 June 1934) This law amended the Bankruptcy Act by delaying foreclosure on insolvent farmers for five years, during which they might either agree to buy back the property at its currently appraised value over six years at 1 percent interest, or remain in possession as a paying tenant if the mortgagor did not agree to sell. The law was struck down as violating the F ifth A mendment in Louisville Joint Stock Land Bank v. Radford (May 1935). In its place, Congress passed the F arm M ortgage M oratorium A ct . ... log in or subscribe to read full text

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