Houston v. National Mutual Building & Loan Ass'n

Citations

• 80 Miss. 31

Syllabus

<p>1. Mortgages. Sale by mortgagee. Bis purchase at same. Trusts and trustees. 1</p> <p>A mortgagee cannot, at bis own foreclosure sale, under a power contained in tbe mortgage, purchase the mortgaged property, either directly or indirectly, unless the mortgage confers such right or the mortgagor consents to the purchase; and the sale may be avoided by the mortgagor or his assigns without proof of fraud or .unfairness therein. Byrd v. Clark, 52 Miss., 623, cited.</p> <p>2. Same. Purchase for mortgagee.</p> <p>Where one who purchases at a sale under a mortgage made by the mortgagee pays nothing on his bid, the amount of the same, less the expenses of sale, being credited on the mortgage debt, and a few days after the sale conveys the property to the mortgagee, the purchase will be treated as that of the mortgagee, such nominal purchaser being only a conduit of the title.</p> <p>3. Same. Laches. Bill to redeem. Statute of UmitaMons. Code 1892, § 2732.</p> <p>The doctrine of stale claims not prevailing- in this state, mere laches, unaccompanied by facts creating an estoppel, constituted no defense to a bill to redeem land illegally purchased by a mortgagee at his own sale, there being no bar from any lapse of time short of the ten years’ limitation applicable, under code 1892, g 2732, to bills to redeem where the mortgagee has obtained actual possession after condition broken. Westbrook v. Munger, 61 Miss., 336; Sill v. Nash, 73 Miss., 862, cited.</p> <p>4. Same. Grantee of mortgagee. Bight to redeem: Quit-claim.</p> <p>The right of a grantee in the quit-claim deed of a mortgagor to redeem land held by the mortgagee under a voidable purchase at his own foreclosure sale, is not affected by the fact that the deed was not executed until after such sale. Wade v. Thompson, 52 Miss., 367, distinguished.</p> <p>5. Same. Mquity of redemption. Maintenance. Code 1892, jj 2433.</p> <p>A quit-claim deed to mortgaged property, executed by the mortgagor after a voidable purchase by