Woods v. Wolf

Citations

• 116 Kan. 56
• 225 P. 1081
• 1924 Kan. LEXIS 18

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Redemption — Mortgage Given for Purchase Price — Default Before One-third of Purchase Price Is Paid — Period of Redemption Six Months. Where a purchaser of real property has given a hen to secure payment of the purchase price, and makes default before one-third of the price is paid, and the lien is foreclosed and the property sold, the judgment debtor has six months as prescribed by statute (R. S. 60-3466) in which to redeem the property.</p> <p>2. Same — Assumption of Mortgage Indebtedness as Part of Purchase Price Does Not Constitute Payment on Purchase Price. An assumption of a mortgage indebtedness as part of the purchase price of real estate does not constitute a payment in a computation of the amount paid on the purchase price for the purpose of determining whether the defaulting purchaser is • entitled to six months or to eighteen months to redeem the property from foreclosure sale.</p> <p>3. 'Same — Defendants bought a farm for $40,000, paying $7,000 in cash therefor, and assuming a first mortgage for $14,000 and giving a second mortgage for $19,000. Default was made which matured the second mortgage and it was foreclosed and the property ordered sold to satisfy it. Held that defendants had paid less than one-third of the purchase price of the farm and were therefore entitled to no more than six months in which to redeem.</p>