Farm Foreclosure Moratorium Legislation: A Lesson from the Past

Abstract

and the calls for legislation to prevent farm foreclosures are not without precedent. Farm foreclosures were high throughout the 1920's and 1930's, in large part because farmers had to make mortgage payments fixed in nominal dollars while their earnings were falling.' In response, many state legislatures sought to aid farmers by passing legislation that postponed foreclosure by creditors. Scholars have given little attention to these various state emergency measures and their impact on creditors and debtors.2 This article is a step toward filling this void. The first section contains a general description of the moratorium legislation, and hypotheses about the causes of moratorium legislation are proposed and tested. In Section II, the economic consequences of moratorium legislation are addressed and the hypotheses are formally specified and tested.

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