Makibben v. Arndt
Court of Appeals of Kentucky
Case 30 — PETITION EQUITY — APPEAL PROM CAMPBELL CHANCERY COUR1 The effect of redeeming property sold to satisfy a mortgage debt is to give the debtor credit by the amount for which the property sold, and to leave the mortgage lien in force against the property for the remainder of the debt.
Read the full summary
Case 30 — PETITION EQUITY — APPEAL PROM CAMPBELL CHANCERY COUR1 The effect of redeeming property sold to satisfy a mortgage debt is to give the debtor credit by the amount for which the property sold, and to leave the mortgage lien in force against the property for the remainder of the debt. (Gen. Stat., pp, 835-837; Bodine v. Moore, 18 N. Y, 347.) The sale of mortgaged property to satisfy the mortgage debt exhausts the mortgage lien, and the right to redeem having been exercised by the debtor, the creditor can assert no further claim by virtue of his mortgage. (14 Bush, 494; Glazebrook &…
1Opinion of the Court
JUDGE HOLT
deliyekeu the opinion oe the court.
The mortgage lien of the appellant, T. P. Makibben, was inferior to that of the Building Association. The property was sold under the judgment on November 24, 1885, aud for the satisfaction of ~both liens. The appellant purchased it at two thousand two hundred dollars, being less than two-thirds of its appraised value, but a little more than the debt of the Building Association, and the sale was confirmed. He took no steps, either by further proceedings in the suit or an execution upon his judgment, to sell the equity of redemption during the year…
2Cases cited1 opinion
- Todd v. DaveySupreme Court of Iowa · 1883
3Cited by7 opinions
- Rogers v. Beam'sCourt of Appeals of Kentucky · 1916
- United States v. WoodDistrict Court, W.D. Kentucky · 1987
- Fields v. DanenhowerSupreme Court of Arkansas · 1898
- Mori v. HowardCourt of Appeals of Kentucky · 1911
- Kirklevington Associates, Ltd. v. Kirklevington North Associates, Ltd.Court of Appeals of Kentucky · 1993
2 more not listed; retrieve them via the Exa API.