Watson v. First National Bank

Citations

• 23 N.M. 372

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>As a general rule, a mortgagor who has conveyed the equity of redemption by warranty deed to a third person cannot maintain a bill to redeem, yet where his conveyance contains a covenant whereby the grantees assume, the payment of vendor’s lien notes previously made by the grantor, and subsequently default in the payment of said notes, which results in the foreclosure of the vendor’s lien created thereby, and a sale of the property subject to the lien foían amount less than said vendor’s lien, as result of which deficiency judgments are secured against the maker of the vendor’s lien notes, who pays said judgments, the maker of said vendor’s lien notes may, by virtue of such interest, redeem from the foreclosure sale of said lien notes.</p>