Shaw v. Lacy
Supreme Court of Alabama
Appeal from Lamar Chancery Court. Heard before Hon. James E. Horton, Jr. Bill by B. R. Shaw against W. B. Lacy to have a deed absolute in form declared a mortgage and to redeem therefrom. Decree for respondent, and complainant appeals.
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Appeal from Lamar Chancery Court. Heard before Hon. James E. Horton, Jr. Bill by B. R. Shaw against W. B. Lacy to have a deed absolute in form declared a mortgage and to redeem therefrom. Decree for respondent, and complainant appeals. The. bill alleges an indebtedness due from Shaw to Lacy, and the execution by Shaw to Lacy of a mortgage upon certain lands therein described of date December 2, 1911, for the consideration of $1,000. That on November 26, 1912, Lacy came to Shaw, where he resided on the described real estate, and stated to him that he desired him to give him a deed to the real…
1Opinion of the Court
SOMERVILLE, J.(1) The right of the mortgagee to acquire by purchase the mortgagor’s equity of redemption in the mortgaged property is everywhere recognized by the courts. But equity looks with a jealous and distrustful eye upon such transactions.—Hitchcock v. U. S. Bank, 7 Ala. 386, 443; Locke v. Palmer, 26 Ala. 312, 324; Parmer v. Parmer, 74 Ala. 285, 288; Stoutz v. Rouse, 84 Ala. 309, 311, 4 South. 170; Peagler v. Stabler, 91 Ala. 308, 311, 9 South. 157; Pearsall v. Hycle, 189 Ala. 86, 66 South. 665. And they will be sustained only when “supported by a sufficient consideration, and there is…
2Cases cited13 opinions
- Villa v. RodriguezSupreme Court of the United States · 1871
- Locke's v. PalmerSupreme Court of Alabama · 1855
- Heirs v. United States Bank of PennsylvaniaSupreme Court of Alabama · 1845
- Parmer v. ParmerSupreme Court of Alabama · 1883
- Stoutz v. RouseSupreme Court of Alabama · 1887
8 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Davis v. Elba Bank & Trust Co.Supreme Court of Alabama · 1927
- DeMoville v. Merchants & Farmers BankSupreme Court of Alabama · 1936
- Johnson v. ManessSupreme Court of Alabama · 1936
- Smith v. ThompsonSupreme Court of Alabama · 1919
- Cade v. WalkerSupreme Court of Alabama · 1926
8 more not listed; retrieve them via the Exa API.