Harvey v. Kinston Knitting Co.

1. Does the purchase of an equity of redemption at a judicial sale “subject tó and burdened with the lien” of mortgage or deed of trust, constitute an assumption by the purchaser of the indebtedness secured by such lien and imply a promise to pay the same ?

2. If not, what is the status of said purchaser of said equity of redemption with reference to the proceeds in the custody of the lien-holder derived solely from a prior sale of a portion of the mortgaged premises ?

The law answers the first question in the negative. The Supreme Court of California, in the case of Fontana Land Co. v.…