Wilson v. Brannan

Citations

• 27 Cal. 258

Syllabus

<p>Mortgage of Personal Pbopebty.—The mortgagee of personal property may, after the conditions of the mortgage are broken, upon giving reasonable notice to the mortgagor of the time and place of sale, sell the property mortgaged at public auction, and if the sale be bona fide, an absolute title to the property passes to the purchaser.</p> <p>Mortgagee of Personal Pbopebty has two Remedies.—The mortgagee of personal property has two remedies, either of which he may pursue at his election. He may resort to a Court of equity to foreclose the mortgagor’s right to redeem, or to compel a redemption, or he may obtain the same object by a fair public sale of property after due notice to the mortgagor.</p> <p>Notice of Sale of Personal Property Mortgaged.—What is a reasonable notice to the mortgagor of the time and place of sale at auction of personal property mortgaged, must be determined from all the circumstances of each particular case, and he who alleges that a notice is not sufficient must assign some reason for his allegation.</p> <p>Sale of Personal Property Pledged.—Personal property pledged to secure a debt may be sold by the pledgee, after the debt to secure which it was pledged has become due, if the sale be made at public auction and after reasonable notice of the time and place of sale be given to the pledgee.</p> <p>Rights of Mortgagor in Personal Property Mortgaged.—The mortgagor of personal property has an equity of redemption in the mortgaged property after the conditions of the mortgage are broken, which he may assert by paying the debt and redeeming the property at any time before this equity of redemption has been cut off by a foreclosure or by a sale at auction.</p> <p>Right of Mortgagor to Redeem Personal Property.—If the mortgagee of personal property refuses, after condition broken, to allow the mortgagor to redeem the property mortgaged, the mortgagor may assert this right by a bill in equity, if he brings his suit within a reasonable time.</p> <p>R