Priddy & Chambers v. Smith
Supreme Court of Arkansas
Appeal from Yell Chancery Court, Danville District;; Jeremiah G. Wallace, Chancellor; From the expiration of the time fixed by the court in its decree in which to redeem, the appellees’ right of redemption was barred. 66 Ark. 490, 492. Sections 5416 and 5420 have reference to mortgages and deeds of trust only, and can not be extended to include a vendor’s lien reserved in the deed. The court correctly determined that the lien was an equitable mortgage.
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Appeal from Yell Chancery Court, Danville District;; Jeremiah G. Wallace, Chancellor; From the expiration of the time fixed by the court in its decree in which to redeem, the appellees’ right of redemption was barred. 66 Ark. 490, 492. Sections 5416 and 5420 have reference to mortgages and deeds of trust only, and can not be extended to include a vendor’s lien reserved in the deed. The court correctly determined that the lien was an equitable mortgage. The language used in the deed, viz: “It is hereby understood and expressly agreed that a lien is hereby retained on the lands hereinafter…
1Opinion of the CourtMcCulloch, C. J.
The question involved in this case is, whether or not the statute which confers the right of redemption “under an order or decree of the chancery court, * * * in the foreclosure of mortgages and deeds of trust,” (Kirby’s Digest, § 5420), applies to sales of property under decrees enforcing vendor’s equitable liens.
A vendor’s lien is the creation of equity and does not exist at law. Harris v. Haynie, 37 Ark. 348; Waddell v. Carlock, 41 Ark. 523; Stephens v. Shannon, 43 Ark. 464. It is enforced by a court of equity as a trust or as an equitable mortgage. Does the statute apply to salés ordered…
2Cases cited6 opinions
- Stephens v. ShannonSupreme Court of Arkansas · 1884
- Martin v. SchichtlSupreme Court of Arkansas · 1895
- Harris v. HanieSupreme Court of Arkansas · 1881
- Waddell v. CarlockSupreme Court of Arkansas · 1883
- Martin v. WardSupreme Court of Arkansas · 1895
1 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Corcorren v. SharumSupreme Court of Arkansas · 1920
- Brannan v. AdamsSupreme Court of Alabama · 1919
- McGuigan v. RixSupreme Court of Arkansas · 1919
- Osburn v. LindleySupreme Court of Arkansas · 1924
- Carroll v. EvansSupreme Court of Arkansas · 1935
10 more not listed; retrieve them via the Exa API.