Seligman v. Laubheimer

Citations

• 58 Ill. 124

Syllabus

<p>1. Statutory redemption—by junior mortgagee, from sale on foreclosure of prior mortgage. A mortgagee seeking to redeem, under the statute, from a sale under a decree of foreclosure of an elder mortgage than his own, does so by paying the amount bid at the sale, with interest.</p> <p>2. Where a senior mortgagee obtained a decree foreclosing his mortgage, and, at a sale thereunder, bought in the mortgaged premises at a sum less than was secured by the mortgage, received his certificate of purchase and then procured an award for a special execution to make the residue of his debt: Held, by these acts, the lien of the mortgage was extinguished, and a junior mortgagee redeeming under the statute, from such sale, took the land free from any lien of the first mortgage.</p>