Union Bank & Trust Co. v. Royall

BROWN, Justice.

This is an action of assumpsit by the transferee and holder of a second mortgage against the prior mortgagee, who foreclosed the first mortgage under the power of sale therein and became the purchaser of the mortgaged property, to recover the balance of the purchase price, over and above the mortgage debt, the interest thereon, and the legal cost and charges incurred in the foreclosure.

The evidence is without dispute that the first mortgage was foreclosed in strict compliance with the power of sale; that the foreclosure was conducted by the attorney and agent of the mortgagee;…