Jack v. Cold
Supreme Court of Iowa
Appeal from Shelby District Court. — Iíon. N. W. Macy, Judge. Cold, being indebted to the Irwin Bank, executed three-promissory notes, of $1,000 each, to J. T. Jack, president, January 10, 1896, payable, respectively, November 1, 1896, January 1, 1897, and March 1, 1897, and six days later gave a mortgage to Jack, individually, securing payment, 1 on the following described land: Southwest 4 and Southwest 4 Northwest 4 section 23, township 81, range 38, West -4 and South 4…
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Appeal from Shelby District Court. — Iíon. N. W. Macy, Judge. Cold, being indebted to the Irwin Bank, executed three-promissory notes, of $1,000 each, to J. T. Jack, president, January 10, 1896, payable, respectively, November 1, 1896, January 1, 1897, and March 1, 1897, and six days later gave a mortgage to Jack, individually, securing payment, 1 on the following described land: Southwest 4 and Southwest 4 Northwest 4 section 23, township 81, range 38, West -4 and South 4 Southeast 4 section 26, township 81, range 38, — subject to prior mortgages aggregating $8,700. On March 3, 1897, to…
1Opinion of the CourtLadd, J.
*3532 *351It will be observed that Jack purchased part of the land at sheriff’s sale, and took an assignment of the certificate of sale of the other paid; and the question is., did this in either instance amount to a redemption under his. junior mortgage, or was he a mere purchaser ? A somewhat radical change in the mode of redeeming was effected by the-Code 1897. Formerly payment might be made by the creditor, before the expiration of nine months after the sale, to-the party, clerk, or sheriff. Section 3109, Code 1873. Only-*352when, made after the lapse of nine months was it essential that the clerk…
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