Leith v. Galloway Coal Co.
Supreme Court of Alabama
Appeal from Walker Chancery Court. Heard before Hon. A. H. Benners. Bill by Belier Leith against the Galloway Coal Company to redeem from mortgage foreclosure sale. Decree for respondent, and complainant appeals. Bill alleges the execution by the Douglass Coal & Coke Company on August 19, 1910, of a mortgage to the Galloway Coal Company to secure the payment of an indebtedness due from the mortgagor to the mortgagee.
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Appeal from Walker Chancery Court. Heard before Hon. A. H. Benners. Bill by Belier Leith against the Galloway Coal Company to redeem from mortgage foreclosure sale. Decree for respondent, and complainant appeals. Bill alleges the execution by the Douglass Coal & Coke Company on August 19, 1910, of a mortgage to the Galloway Coal Company to secure the payment of an indebtedness due from the mortgagor to the mortgagee. The bill also contains a description of the mortgaged property, and the mortgage is made an exhibit. It is alleged that the mortgagor became bankrupt and was adjudged on…
1Opinion of the CourtMayfield, J.
The main question presented by this appeal for decision is whether or not the mortgagor’s statutory right of redemption under section 5746 of the Code of Alabama of 1907 passes to a purchaser from the trustee of the bankrupt, where the equity of redemption had been cut off by a foreclosure, before the mortgagor was adjudicated a bankrupt. The purpose of our statute is held to be primarily for the benefit .of the debtor, and secondarily for the benefit of his creditors and of others mentioned in the statute, by affording him first, and the others mentioned next, the advantage of any increase…
2Cases cited2 opinions
- Johnson v. DavisSupreme Court of Alabama · 1912
- Posey v. PressleySupreme Court of Alabama · 1877
3Cited by13 opinions
- Dominex, Inc. v. KeySupreme Court of Alabama · 1984
- Ivy v. HoodSupreme Court of Alabama · 1918
- Upchurch v. WestSupreme Court of Alabama · 1937
- Baker, Lyons & Co. v. Eliasberg & Bros. Mercantile Co.Supreme Court of Alabama · 1918
- Wootten v. VaughnSupreme Court of Alabama · 1919
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