Ogle v. Koerner

Citations

• 140 Ill. 170
• 29 N.E. 563

Syllabus

<p>1. Redemption—from foreclosure sale—by one primarily liable for •mortgage debt—liability of property for unpaid balance of debt. Where redemption is made from a sale under a decree of foreclosure of a mortgage, by one primarily liable on the mortgage debt, the samo property may be resorted to again for the purpose of subjecting it to the payment of an unpaid balance due on the mortgage, but this is not because of any right to enforce the mortgage lien against the same .property a second time. Where, however, the redemption is made by a party not liable upon the mortgage debt, the mortgage lien having been exhausted, the property can not be subjected a second time to the satisfaction of the same lien.</p> <p>2. Same—by assignee of holder of junior mortgage. In all cases of sales of land under decrees of foreclosure, the statute gives to any defendant, his heirs, administrators or assigns, or any person interested 'in the premises through or under the defendant, the right to redeem the land sold, at any time within twelve months from the date of the •sale, by paying the purchaser or the master the sum of money for which the land was bid off, and interest thereon. An assignee of a party holding a junior mortgage is a party interested, and has a right •to redeem.</p> <p>3. Where land is sold under a decree of foreclosure which finds the rights and priorities of the parties, the holder of a second mortgage lien, who is a party to the decree, or his assignee, may, within twelve months thereafter, redeem from such sale by paying to the master in chancery the amount bid at the sale, with interest, and by so doing he will be subrogated to the rights of the purchaser, and will take the land free from the lien of the senior mortgage.</p> <p>4. Same—effect of redemption by junior mortgagee. By the redemption from a sale under a prior mortgage by the junior mortgagee, the •sale becomes null and void; but upon familiar principles of equity the junior incumbrancer becomes subro