Swift v. Kirby

OPINION

FONES, Justice.

The primary issue in this case is whether the statutory right to redeem real property sold at foreclosure, granted by T.C.A. § 66-8-101 et seq., is waived by use of the phrase “equity of redemption.”

Plaintiff, Swift, executed a deed of trust conveying real property to secure payment of a note to Commerce Union Bank in the sum of $10,000.00. He defaulted and the properly was sold by the trustee on 1 July 1982 for $8,500.00, subject to a first mortgage. Defendants Mangum, Tanley, Tan-ley & Davenport (Mangum) were the purchasers at the foreclosure sale and they paid the…