Southwest State Bank v. Quinn

The opinion of the court was delivered by

Harman, C.:

This is a mortgage foreclosure action on real estate owned by a bankrupt corporation. Our principal concern is whether the statutory right of redemption under K. S. A. GO-2414 (a) is exempt property.

The facts are not in dispute. Jones-Mack, Inc., a Kansas corporation, owned the property subject to the two mortgages mentioned later. On October 14, 1964, prior to the foreclosure proceeding, Jones-Mack leased the premises to Gunstocks, Inc., a corporation, and Earl Welch for a term of four years at a stipulated monthly rental. The lessees have…