First Colbert National Bank v. Security Federal Savings & Loan Ass'n

MADDOX, Justice.

The appellant states the central issue:

“Whether the trial court erred in granting summary judgments on the ground that the ‘statute of limitations’ of one year for redemption had run before plaintiff filed its bill of complaint.”

The pleadings in the cause show the following facts: Security Federal held a first mortgage on the property. First Colbert National Bank held a second mortgage on the property. On January 29, 1979, Security Federal foreclosed the first mortgage and Security Federal purchased the property at the foreclosure sale.

Security Federal, on October 18, 1979,…