San Jose Safe Deposit Bank of Savings v. Bank of Madera

Citations

• 54 P. 83
• 121 Cal. 539
• 1898 Cal. LEXIS 949

Syllabus

<p>Mortgage—Hypothecation of Rights of Redemptioner—Sheriff’s Deed. An assignment of a certificate of redemption and of all of the rights of the redemptioner, to secure a loan made by the assignee to the redemptioner, with which to make redemption by virtue of a second mortgage from a sale under foreclosure of a prior mortgage, is but a hypothecation of the interest of the redemptioner in the land to-the lender; and if the sheriff’s deed should be procured under the ■ assigned certificate, it will be held by the lender as mortgagee, and not as owner.</p> <p>Id.—Deeds from Mortgagor and Redemptioner.—Deeds executed by the mortgagor and by the redemptioner, subsequently to the redemption and hypothecation of the certificate of redemption, conveyed the legal title to the grantee, subject to such rights as may inure to the assignee of such certificate as equitable mortgagee.</p> <p>Id.—Action to Comped Sheriff’s Deed, and to Qtjiet Title—Defense— Offer to Repay Loans.—In an action by such assignee of the certificate! of redemption to compel a sheriff’s deed, and to quiet title to the, land sold as against the successor in interest of the mortgagor and • of the redemptioner, such successor in interest need not offer to'' repay the loan made by plaintiff to the redemptioner with which to redeem, as a condition of the right to defend against the plaintiff’s claim to the ownership of the land.</p> <p>Id.—Title—Findings Against Evidence—New Trial.—Where the court, ' in such action, improperly found against the evidence in favor of' the title of the plaintiff, and that the defendant, the' successor in interest of the mortgagor and redemptioner, had no title, a new trial was properly granted.</p>