Persons v. Shaeffer
Persons v. Shaeffer
Opinion of the Court
When the defendant executed the mortgages which this action was brought to foreclose, the judgment
This presents a case in which either Matzen or these mortgagees must suffer from her neglect to act promptly, as she might have done, in the matter of obtaining an actual assignment of the Wilcoxson judgment, or, failing in that, having the satisfaction of record vacated. She must suffer the consequences of her own neglect. The parties who took the mortgages under such circumstances must be protected. Equity as well as law requires that they should be. Her equities at the time were latent. She might or might not avail herself of them. The lien of the Wilcoxson judgment had been discharged. Equity might under some circumstances keep the lien alive notwithstanding such discharge. But it certainly would not keep it alive to the prejudice of a party who had purchased the premises when it appeared of record that the lien had been discharged, and who did not have any knowledge of the equities on which alone it could be kept alive after being discharged.
Judgment affirmed.
Thornton, J., and Myrick, J., concurred.
Hearing in Bank denied.
Reference
- Full Case Name
- P. R. PERSONS v. F. A. SHAEFFER, CATHERINE MATZEN
- Cited By
- 8 cases
- Status
- Published
- Syllabus
- Equitable Assignment—Satisfaction of Judgment—Subsequent Pubchaseb. —The payment of a judgment of foreclosure of a mortgage may operate as an equitable assignment to the person who makes the payment, although the mortgagee enters satisfaction of the judgment upon the record. But the lien of the judgment will not be kept alive to the prejudice of a subsequent bona fide purchaser of the land, who had no notice of the equities of the person who made the payment, and who purchased while it appeared of record that the judgment had been satisfied and discharged.