Minnesota's Mortgage Moratorium Act let courts extend the redemption period on foreclosed properties. A lender sued, arguing this substantially impaired existing mortgage contracts in violation of Article I, § 10. Chief Justice Hughes, in a 5–4 decision, held that the Contracts Clause is not absolute: an economic emergency can justify temporary, reasonable modifications of contract remedies (not underlying obligations) that protect a vital public interest. The dissent (Sutherland) warned that emergency does not create constitutional power. Blaisdell is the doctrinal cornerstone of the modern, deferential Contracts Clause and a leading example of the Court accommodating New Deal-era regulation.