Federal National Mortgage Ass'n v. Guy Heavener, Inc.

Opinion by

Judge Rogers,

The issue in this case is whether a mortgagee which has bought in the mortgaged property for its record costs at sheriff’s sale on a judgment obtained in an action of mortgage foreclosure is entitled to payment from a fund produced in eminent domain proceedings of money owed on the mortgage in excess of the amount produced by a subsequent private sale of the property where (a) the condemnation of a part of the mortgaged property preceded the execution sale, (b) the mortgagee did not obtain a deficiency judgment, and (c) the fund produced by the condemnation remained…