Whitmore v. Tatum
Supreme Court of Arkansas
APPEAL from Saline Circuit Court in chancery. James B. Wood, Judge. Tatum sold certain lands to R. A. Whitmore, and, to secure payment of the four purchase notes, took a mortgage on the lands and had it recorded. The first note being un paid, he obtained a judgment on it and had an execution levied upon the lands. At the sale he publicly announced that he held a mortgage for thp balance of the purchase money, and that the purchaser would take the lands subject to his lien.
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APPEAL from Saline Circuit Court in chancery. James B. Wood, Judge. Tatum sold certain lands to R. A. Whitmore, and, to secure payment of the four purchase notes, took a mortgage on the lands and had it recorded. The first note being un paid, he obtained a judgment on it and had an execution levied upon the lands. At the sale he publicly announced that he held a mortgage for thp balance of the purchase money, and that the purchaser would take the lands subject to his lien. J. B. Whitmore became the purchaser at the sale. This suit was subsequently brought against R. A. and J. B. Whitmore to…
1Opinion of the CourtCockrill, C. J.
Execution sale of equity of redemption. It has been commonly considered oppressive to the mortgagor for the mortgagee to levy an execution issued upon a judgment for the recovery of an installment of the mortgage debt, upon the equity of redemption in the mortgaged premises, while he retains his title and lien as mortgagee. To avert that evil, some courts have held that a sale under the execution extinguishes the lien of the mortgage. Chancellor Kent, however, expressed the opinion that the true and only remedy for the mischief (where the equity of redemption is the subject of sale under…
2Cases cited1 opinion
- Jackson ex dem. Ireland v. HullNew York Supreme Court · 1813
3Cited by41 opinions
- Leggett v. Missouri State Life Insurance CompanySupreme Court of Missouri · 1960
- R. M. Waggoner v. Herring-Showers Lbr. Co.Texas Supreme Court · 1931
- Malanaphy v. Fuller & Johnson Mfg. Co.Supreme Court of Iowa · 1904
- Kildare Lumber Co. v. Atlanta BankTexas Supreme Court · 1897
- Reed v. Adams Steel & Wire WorksIndiana Court of Appeals · 1914
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