Fidelity-Philadelphia Trust Co. v. Brown

Taylor, C.

Plaintiff is the trustee under a mortgage in the form of a deed of trust upon the property in the city of Minneapolis known as the West Hotel. Defendant West purchased the property from the trustee in bankruptcy of the former owner and became the owner of it subject to the encumbrances thereon. Defendant Wood was the owner and holder of a second mortgage on the property in the sum of $120,000. She foreclosed her mortgage and at the sale thereunder, held August 6, 1928, bid in the property for the sum of $47,500.

On May 6, 1929, plaintiff obtained a judgment decreeing that its…