Joyner v. . Farmer
Supreme Court of North Carolina
Civil Action, tried at Fall Term, 1877, of Nash Superior Court, before McKoy, J. The plaintiff, mortgagor, brought this action against the defendant, mortgagee, for the purpose of setting aside a sale of certain lands, made by tbe mortgagee on the 20th of June, 1873^ under a power of sale in the deed, and at which sale the mortgagee through an agent became the purchaser.
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Civil Action, tried at Fall Term, 1877, of Nash Superior Court, before McKoy, J. The plaintiff, mortgagor, brought this action against the defendant, mortgagee, for the purpose of setting aside a sale of certain lands, made by tbe mortgagee on the 20th of June, 1873^ under a power of sale in the deed, and at which sale the mortgagee through an agent became the purchaser. The plaintiff failed to pay at maturity, and by agreement between the parties a portion of the mortgaged premises was sold ;by the plaintiff and the proceeds credited on the debt; and then after a further failure to pay, the…
1Opinion of the CourtRodman, J.
It is not doubted that a mortgage-of land with a power of sale in the mortgagee upon default in -payment is lawful. And if the mortgagee sell under such a power, a stranger who purchases bona fide will acquire a good title free of the trust. Coot on Mortgages, 125 note A. 130; Paschal v. Harris, 74 N. C. 335. It is equally clear in this State, and generally, but not universally, that if the mortgagee himself purchases at his sale, whether he does it directly or by an agent, he nevertheless holds the legal estate subject to an equity in the mortgagor to redeem, unless in some way he releases…
2Cases cited5 opinions
- Hoffman Steam Coal Co. v. Cumberland Coal & Iron Co.Court of Appeals of Maryland · 1860
- Hall v. BlissMassachusetts Supreme Judicial Court · 1875
- Whitehead v. . HellenSupreme Court of North Carolina · 1877
- Baldwin v. AllisonSupreme Court of Minnesota · 1860
- Paschal v. . HarrisSupreme Court of North Carolina · 1876
3Cited by20 opinions
- Bruner v. . ThreadgillSupreme Court of North Carolina · 1883
- Gibson v. . BarbourSupreme Court of North Carolina · 1888
- Mills v. . Building Loan Assn.Supreme Court of North Carolina · 1940
- Smith v. Greensboro Joint Stock Land BankSupreme Court of North Carolina · 1938
- Jones v. . PullenSupreme Court of North Carolina · 1894
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