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Nowadays, people would not stand for such a principle. Richer people would not agree to it because they would be losing money they had lent to other people. People who had borrowed money, however, would like it because they would not have to work to pay them back.
When people lose land, it is normally because they owe money, and whoever they owe money to is taking the land as a payment. Again, if people had a chance to regain their land after having it seized, their life would return back to normal and they could try and restart their lives also. As with the forgiving of debts, I do not think this would be followed in modern day and age...
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