Jordan v. Sayre

Citations

• 29 Fla. 100

Syllabus

<p>1. A foreclosure proceding resulting in a final decree and a sale of the mortgaged property without the holder of the legal title being before the court, will have no effect to transfer his title to the purchaser at said sale.</p> <p>2. A mortgagee, either before or after default in payment, has no title by virtue of his mortgage to the mortgaged real estate. His interest is simply a specific lien for the security of the debt mentioned in the mortgage, and he oan acquire the legal title as against the mortgagor, or his grantees, only by out-bidding every other person at the forclosure sale.</p> <p>3. A conveyance by the mortgagee of the mortgaged premises before foreclosure, or an attempted foreclosure, unless such conveyance contain agrant of the mortgage debt, or unless its texms are sufficient to carry this interest, and it was intended by the parties to have this effect, will be inoperative for this purpose.</p> <p>4. Where the mortgagee, or a stranger to the record, purchases the mox'tgaged premises at a void sale under foreclosure proceedings, and then conveys by warranty deed said premises to a third party, he becomes subrogated in equity to the rights of the mortgagee in said mortgaged prexnises, as well as the mortgage debt thereon, to the extent of his purchase, and may demand a valid foreclosure of said mortgage for his protection. His right to be subrogated to the extent of his purchase in such a case to the mortgage security, does not depend ixpon a contractual assignment of the mortgage debt, but it comes about by operation of law.</p> <p>o. A mortgagor, or his grantees of the mortgaged premises, can not set up against the mortgagee, or his assignee, a tax title acquired at a sale for non-payment of taxes which it was the duty of the mortgagor, or those holding under him, to pay.</p>