Kornegay v. . Spicer
Supreme Court of North Carolina
Mortgage — Power of Sale. Appeal, from a Decretal Order made on the 26th of February, 1876, at Chambers, by McKoy, J. In January, 1874, the intestate of plaintiff executed a mortgage deed to the defendant, conveying certain lands in Duplin and "Wayne counties to secure the payment of a note for $1,815.00, with a power to sell the land in default of payment. It was alleged that the note was usurious, but. denied in the defendant’s answer.
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Mortgage — Power of Sale. Appeal, from a Decretal Order made on the 26th of February, 1876, at Chambers, by McKoy, J. In January, 1874, the intestate of plaintiff executed a mortgage deed to the defendant, conveying certain lands in Duplin and "Wayne counties to secure the payment of a note for $1,815.00, with a power to sell the land in default of payment. It was alleged that the note was usurious, but. denied in the defendant’s answer. The defendant and the plaintiff’s intestate joined in a deed to one Flowers, conveying that part of the land situated in Wayne county in consideration of…
1Opinion of the CourtPeaRSON, C. J.
The principles involved in this case, are-discussed and in the main settled by Whitehead v. Hellen decided at this term.
1. A mortgagee with a power of sale, is a trustee, in the first place to secure the payment of the debt secured by the mortgage, and in the second place for the mortgagor, as to the excess. The idea of allowing the mortgagee to foreclose the equity of redemption, by a sale made by himself, instead of a decree for forelosure and a sale made under the order of the Court, was yielded’to, after great hesitation, on the-ground that in a plain case, when the mortgage debt was1…
2Cited by19 opinions
- Security Loan Ass'n v. LakeSupreme Court of Alabama · 1881
- Mayer v. . AdrianSupreme Court of North Carolina · 1877
- More v. CalkinsCalifornia Supreme Court · 1890
- Eubanks v. BectonSupreme Court of North Carolina · 1912
- In Re Foreclosure of Sutton Investments, Inc.Court of Appeals of North Carolina · 1980
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