Rose v. Walk

Citations

• 149 Ill. 60
• 36 N.E. 555

Syllabus

<p>1. Mortgage—foreclosure of junior mortgage. A junior mortgage may be foreclosed upon tlie equity of redemption, subject to tlie lien of a prior mortgage, where tlie latter lias not been foreclosed and a sale-had and deed made to the purchaser.</p> <p>2. Same—effect of foreclosure and sale under senior mortgage on junior mortgage. Upon the foreclosure of a senior mortgage, and a sale and conveyance in pursuance thereof, the equity of redemption in the mortgagor will be extinguished, and nothing will remain upon which a junior mortgage can attach or which can be sold on its foreclosure.</p> <p>3. By the foreclosure of a prior mortgage, and a sale and conveyance thereunder, the legal title in the mortgaged premises will vest in the grantee in the master’s deed, leaving nothing in the mortgagor or the junior mortgagee except the right to redeem in equity, and upon redemption by the junior mortgagee he may foreclose his mortgage and have the land sold in satisfaction of his debt and the sum advanced to redeem from the prior mortgage.</p> <p>4. Same—right of junior mortgagee not made party, to foreclose senior mortgage. The right of a junior mortgagee to redeem from a prior mortgage will not be cut off by a bill to foreclose the prior mortgage, to which he was not made a party. But after foreclosure and sale under the senior mortgage, and deed made, without making a junior mortgagee a party, the latter can not maintain a bill to foreclose his mortgage without seeking to redeem from the prior mortgage.</p>