The Papers And Writings Of Abraham Lincoln-VOL. V (Chap. 2.6)

Song Meaning

This is a dry, direct response to a legal inquiry about mortgage law in 1859. Lincoln, writing as a legal advisor, clarifies the priority of assigned notes when a mortgage's value is insufficient to cover both. The core principle he outlines is that the assigned note, having been transferred, takes precedence in claiming the mortgaged property's value. The practical implication is stark: if the property can only satisfy one debt, the holder of the assigned note gets everything. Lincoln emphasizes this point by stating it's "the same thing in substance" whether the assigned note is paid directly from the mortgage or through an execution sale stemming from a judgment on that note. This highlights a rigid, unforgiving aspect of debt and property law where timing and legal assignment dictate outcomes. Lincoln's closing is purely functional, requesting more information to provide a specific answer. The lack of personal anecdote or emotional language underscores the transactional nature of the correspondence. It's a clear demonstration of Lincoln's ability to distill complex legal scenarios into understandable, albeit impersonal, advice, focusing solely on the mechanics of the law as requested by his correspondent.