Johnson v. Harmon
Supreme Court of Iowa
Appeal from Lee District Court. Plaintiff is a junior and defendant a senior mortgagee of real property. ■ The senior mortgage was foreclosed, the plaintiff not being made a party. Under this order of foreclosure the defendant (the senior mortgagee), on an execution issued thereon, purchased the property for a sum less than the debt secured by the mortgage.
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Appeal from Lee District Court. Plaintiff is a junior and defendant a senior mortgagee of real property. ■ The senior mortgage was foreclosed, the plaintiff not being made a party. Under this order of foreclosure the defendant (the senior mortgagee), on an execution issued thereon, purchased the property for a sum less than the debt secured by the mortgage. Plaintiff (the junior mortgagee), by this proceeding, seeks to redeem by paying the .sum at which the property was hid in on the execution., with interest. Defendant insists that he can only redeem by paying the debt secured by his…
1Opinion of the Court
Weight, Ch. J.
l. mobtdempP6" tion:foreclosure. There is no question as to plaintiff’s right to redeem. Not being a party to the foreclosure proceeding, his equityis not cut off, but still continues. This was true at common law, and there is noth- . mg ia the statute taking it away. Appellant claims the right, and appellee does not resist it.
*572- . §“pSa!t0 It is also, in effect, admitted by appellant, that unless tbe statute changes the common law rule, the junior incumbrancer brancer cannot redeem without paying or satisfying the prior mortgage or lien ; and thus we see that the controversy is…
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- Ten Eyck v. CasadSupreme Court of Iowa · 1864
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