Helm v. Yerger

Citations

• 61 Miss. 44

Syllabus

<p>1. Trustee’s Sale. Contract for minimum bid. Violation. If a trustee, who is a stockholder and cashier in a bank which owns the debt secured by the trust deed, in order to prevent the enjoining of his sale, agrees on a minimum bid with the debtor, under the bank president’s approval, a deed to the president for less is subject to the debtor’s disaffirmance.</p> <p>2. Same. Public bid. Substitution of another act. The fact that the officers of the bank regard the secured debt, which was the amount of the agreed bid, as paid by the sale, does not preclude the debtor’s bill to cancel the trustee’s deed and redeem, if the president knew that he purchased at the auction for a less sum.</p> <p>3. Same. BUI to cancel. Limitation. How long the debtor can delay before proceeding in an ordinary case of trustee’s sale, quaere; but it appears that he cannot cancel the deed, if he neglects to assert his right until it would be a surprise to the purchaser.</p> <p>4. Same. Limitation of action. Beneficiary’s possession. If the cestui que trust holds possession under a contract to apply the rents to the debt before the sale, and the debtor protests immediately after, his remedy to cancel the trustee’s deed for qrror exists as long as he could have maintained a bill to redeem.</p>