Fidelity Union Trust Co. v. Dreyfuss

The complainant (mortgagee) had a final decree in the court of chancery in a foreclosure matter. At the ensuing sale it bid $25,000 for the real estate under foreclosure. Thereupon, opposing confirmation of the sale, the mortgagors and those answerable for the debt filed petitions and affidavits setting forth their inability either to have protected themselves at the sheriff’s sale or to pay off the mortgage, and prayed that the fair market value of the property, at the time of the sale, be credited on the bond. Their affidavits recited that the value of the property was $200,000.

The…