Citizens Bank v. Stewart
Citizens Bank v. Stewart
Opinion of the Court
The mortgage to Clements, under which the foreclosure was had, was junior to another mortgage on the same land but senior to plaintiff’s judgment lien. In the foreclosure of this mortgage plaintiff was made a party defendant, but did not attempt to malee statutory redemption. On the last day for making redemption by defendant or his assignees, the certificate of purchase at the foreclosure sale, which had up to that time been held by Clements, was assigned to defendants Cams and Allfree, and by them assigned to defendant Wood, who had already become the owner of the land under sheriff’s sales and deeds made in consequence of judgments still junior to plaintiff’s judgment, and Wood took the sheriff’s deed under the Clements foreclosure. The theory of plaintiff seems to be that the transactions relating to Clements’ certificate of purchase were fraudulent and collusive for the purpose of preventing plaintiff from enforcing its judgment, and to support this contention it relies on evidence of some written agreement between Clements and Stewart (at first oral, but subsequently embodied in a writing, which was lost, and its contents proven only by parol), by which it is claimed Clements agreed to hold the certificate for Stewart, and upon the conduct of Clements in refusing to assign the certificate to Cams and Allfree until Stewart gave his consent thereto. We do not. find it necessary to discuss the legal propositions urged by plaintiff. It may be conceded that, if the transactions among the parties involved the payment by Stewart to Clements of the amount of his claim under the mortgage foreclosure within the statutory period for redemption
Reference
- Full Case Name
- Citizens Bank of Colfax, Iowa v. R. N. Stewart, Frances Carns, H. B. Allfree and George D. Wood
- Status
- Published