Lucas v. American Freehold Land Mortgage Co.

Citations

• 72 Miss. 366

Syllabus

<p>1. Void FojkecdosuRe. Mortgagee in possession. Estoppel. limitations.</p> <p>Although a mortgage sale is voidable for irregularities, if the mortgagee who bought enters, and, with the acquiescence of the mortgagor, continues in possession, paying taxes and exercising ownership for nearly ten years, the mortg-ag-or is estopped to plead the statute of limitations against the debt or assert the legal title, until the status quo is restored.</p> <p>3. Same. Mortgagee in possession. Accounting.</p> <p>In such case, the legal title of the mortgagor will not be divested by estoppel, but the purchaser will be treated as mortgagee in possession, entitled to satisfaction of his debt, but liable to an accounting as to rents.</p>