Pearce v. . Watkins

An action over the land in controversy in this case was before this Court heretofore. Pearce v. Montague, 209 N. C., 42. The decision in that action is not material to this controversy, but it is there said, at pp. 43-4: “When the defendant executed and delivered to the plaintiff his mortgage, he was the owner of the equity of redemption in the lands and the mortgagee could not extinguish this equity of redemption by his purchase of the land at the tax sale, and the title which the mortgagee acquired at the tax sale is held by him in trust for himself and the defendant, the mortgagor, since…