Lysander Spooner: “When the mortgaged property is exhausted, the debt is cancelled; there…”

On the record

When the mortgaged property is exhausted, the debt is cancelled; there is no other property that the contract binds.

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Lysander Spooner

Source

This statement asserts that once the mortgaged property is exhausted, the debt is cancelled, emphasizing the limits of contractual obligations.

More from Lysander Spooner

Practically speaking, no government knows any limits to its power, except the endurance of the people.

Proud from victory, and with their swords in their hands, would they surrender their liberties to a private man?

The people considered their jurisprudence as a part of their inheritance.

Any restriction upon the exercise of this right is a restriction upon his rightful power of providing for, and accomplishing, his own well-being.

Lysander Spooner: “When the mortgaged property is exhausted, the debt is cancelled; there is no other property that the contract binds.”