C. C. Kelly Banking Co. v. McPherson

Citations

• 100 Miss. 681
• 56 So. 266

Syllabus

<p>1. Mortgages. Foreclosure. Payment. Trustee. Amount of Kid.</p> <p>Where property is subject to two mortgages and is sold under the senior mortgage by the trustee and the junior mortgagee became the purchaser, he must pay to the trustee the full amount of his bid and not merely the amount of the senior . mortgage, in order to stop the running of interest on the senior mortgage.</p> <p>2. Same.</p> <p>In such ease while it is true that the junior mortgagee is entitled in equity to the balance remaining in the hands of the trustee after satisfying the senior mortgage, still the junior mortgagee, being the purchaser, cannot assume to adjudicate the validity of his own claim or the amount thereof and compel the trustee mating the sale to accept less than the amount of the bid for the property. It is the duty of the trustee to collect the entire amount of the bid, by whomsoever made, and after satisfying his own mortgage to pay over the. surplus to the party entitled to same.</p>