Advance Thresher Co. v. Rockafellow

Citations

• 16 S.D. 462
• 93 N.W. 652
• 1903 S.D. LEXIS 106

Syllabus

<p>1. When a corporation holding- a junior morbg-ag-e takes an assignment of a certificate of sale under the first mortgage, and at the expiration of the period of redemption surrenders the certificate for a sheriff’s deed, meanwhile informing the mortgagor, and his co-sureties that a notice of redemption has been filed, and that the whole debt can be collected by enforcing the lien under its mortgage, the mortgagor and his co-sureties are entitled to have credited on their indebtedness the money realized from a subsequent sale of the land in excess of the amount paid for the certificate. '</p> <p>2. The rights of a corporation to acquire real estate cannot be attacked in a collateral proceeding brought by it to enforce the payment of an indebtedness. i</p>