Malone v. Gray

ANDERSON, Chief Justice.

Appellants gave a mortgage to Jemison & Co., said company assigned the mortgage and debt to the New York Life Insurance Company. Upon default, the New York Life Insurance Company foreclosed under the power of sale becoming the purchaser at said sale for $4,000, less than the mortgage indebtedness, and subsequently conveyed the property to the appellee, Gray, for the sum of $3,000, also assigning the remainder of the debt to Gray. Gray being the owner of the property and of the debt when redemption was sought, the question is, Did the mortgagors, in order to redeem,…