North American Trust Co. v. Burrow
Supreme Court of Arkansas
Appeal from Pope Circuit Court. Charles C. Reid, Special Judge. Appellee was the owner and in possession of certain tracts of land; and, to secure a sum of money owed by him to the Jarvis-Conklin Mortgage Trust Company, conveyed said land to a trustee. After the mortgage debt fell due and on the 6th day of November, 1897, the laud ivas sold by a substitute trustee, and bought by appellant for the full amount of the debt, interest and costs.
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Appeal from Pope Circuit Court. Charles C. Reid, Special Judge. Appellee was the owner and in possession of certain tracts of land; and, to secure a sum of money owed by him to the Jarvis-Conklin Mortgage Trust Company, conveyed said land to a trustee. After the mortgage debt fell due and on the 6th day of November, 1897, the laud ivas sold by a substitute trustee, and bought by appellant for the full amount of the debt, interest and costs. Appellee, having had possession all the time, remained in possession until the 27 th day of September, 1898, when this suit was begun against him for the…
1Opinion of the Court
Wood, J.,
(after stating the facts.) The rule is well settled “that a mortgagee is not entitled to demand of the owner of the equity of redemption the rents and profits of the mortgaged premises until he takes actual possession.” Teal v. Walker, 111 U. S. 242; Greer v. Turner, 36 Ark. 29; Freedman’s Saving & Trust Co. v. Shepherd, 127 U. S. 494; Mayo v. Fletcher, 14 Pick. Mass. 525. The purchaser at a sale under the mortgage, when a stranger to the mortgage, could certainly have no greater rights than the mortgagee when' he purchased. The mortgagee, after forfeiture and sale, having purchased,…
2Cases cited3 opinions
- Freedman's Saving & Trust Co. v. ShepherdSupreme Court of the United States · 1888
- Teal v. WalkerSupreme Court of the United States · 1884
- Stedman v. GassettSupreme Court of Vermont · 1846
3Cited by6 opinions
- Oliver v. DeffenbaughSupreme Court of Arkansas · 1924
- Wofford v. YoungSupreme Court of Arkansas · 1927
- Tallman v. HeuckSupreme Court of Arkansas · 1922
- Brickey v. CotterSupreme Court of Arkansas · 1915
- Farmers Bank & Trust Co. v. Wells (In re Wells)United States Bankruptcy Court, E.D. Arkansas · 2015
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