Pringle v. Winston-Salem Building & Loan Ass'n
Supreme Court of North Carolina
Appeal by ’Watson, trustee, from Webb, J., at May Term, 1921, of EoRSYth. On 18 January, 1919, tbe plaintiffs executed to Watson, trustee for Winston-Salem Building and Loan Association, a deed of trust to secure $800. This debt not being paid at maturity, upon tbe request of tbe beneficiary the trustee advertised the property for sale, and on 9 May, 1921, sold it for $3,000. Pursuant to C. S., 2591, an advance bid being filed with the clerk, on 12 May he ordered a resale,…
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Appeal by ’Watson, trustee, from Webb, J., at May Term, 1921, of EoRSYth. On 18 January, 1919, tbe plaintiffs executed to Watson, trustee for Winston-Salem Building and Loan Association, a deed of trust to secure $800. This debt not being paid at maturity, upon tbe request of tbe beneficiary the trustee advertised the property for sale, and on 9 May, 1921, sold it for $3,000. Pursuant to C. S., 2591, an advance bid being filed with the clerk, on 12 May he ordered a resale, which was advertised to take place 4 June, 1921. After the resale was ordered, on 3 June, 1921, the plaintiffs tendered…
1Opinion of the CourtClark, C. J.
Ch. 146, Laws 1915, and amendments, now C. S., 2591, was intended for the protection of mortgagors where sales are made under a power of sale without a decree of foreclosure by the court. In the latter cases there was always an equity to decree a resale when a substantial raise in the bid, usually 10 per cent, had been deposited in court. There being no such protection as to mortgages with power of sale, this statute was passed to extend to mortgagors, whose property had been sold under power of sale without a decree of foreclosure, the same opportunity of a resale when there has been an…
2Cases cited7 opinions
- Turner v. . BogerSupreme Court of North Carolina · 1900
- Williamson v. . BittingSupreme Court of North Carolina · 1912
- Boyd v. . HawkinsSupreme Court of North Carolina · 1833
- Dawson v. . GrafflinSupreme Court of North Carolina · 1881
- Smith v. . FrazierSupreme Court of North Carolina · 1896
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3Cited by15 opinions
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- Dillingham v. . GardnerSupreme Court of North Carolina · 1941
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