Major v. International Coal Co.

Citations

• 76 Ohio St. (N.S.) 200

Syllabus

<p>Foreclosure of mortgage given to secure bonds — Bondholders become purchasers — Purchase price paid in bonds- — Sheriff not entitled to poundage — Section 1230, Revised Statutes.</p> <p>1. Under Section 1230, Revised Statutes, a sheriff is not entitled to poundage upon the sale of mortgaged premises under an order of sale in foreclosure, where the real estate so sold by him is bid off and purchased by one who is entitled to the whole of the proceeds arising from the sale, although such purchaser was not a party to the suit in which the decree of foreclosure was made and the order of sale issued.</p> <p>2. In a suit for the foreclosure of a mortgage commenced and prosecuted by the mortgagee, as trustee for the holders of the bonds secured by said mortgage, such proceedings were had that the mortgaged property was duly advertised and sold by the sheriff, and was bid off and purchased by said bondholders; the purchase price being paid by them- — as authorized by the provisions of the mortgage and the terms and conditions of the sale — by their paying in cash a sufficient sum to cover the costs and expenses of sale, and the residue by the surrender to the sheriff of the bonds secured by said mortgage in an amount sufficient to cover the balance of said purchase price, Held, that the sheriff was not entitled to charge and collect poundage on the amount of the bonds so surrendered, as for “money actually made and paid.”</p>