York-Ritchie Exchange & Investment Co. v. Mitchell
York-Ritchie Exchange & Investment Co. v. Mitchell
Opinion of the Court
There are two questions presented in this case. The first is, Was the plaintiff’s action upon its note and mortgage barred by the Statute of Limitations ? This contention is based upon a condition in the mortgage which is in substance that,
The next question is, Was the notice of the tax sale, the basis of defendant’s title, so defective as to avoid the deed issued thereon, because of the omission from the notice of the recital that the land would be sold by the county treasurer ? This question we have just decided in the affirmative in the case of Casner v. Gahlman, ante, p. 295. It is as much a positive requirement of the statute that the notice shall state that the land will be sold by the proper officer of the county, as that it shall state that it will be at public sale. A mortgagee may exercise the rights of the owner under his mortgage interest.
The judgment is affirmed.
Reference
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- The York-Ritchie Exchange and Investment Company v. Wm. W. Mitchell
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- Syllabus
- 1. Statute or Limitations — begins to run when mortgage debt declared due. By the terms of a mortgage securing the payment of a note due in five years, the holder has an option to declare the note due in advance of maturity by its terms, upon the occurrence of defaults of the maker. There is in such case a further extension of time in the parties’ contemplation, and the Statute of Limitations does not begin to run against the cause of action on the note until the holder exercises such option by declaring the note due, or some act equivalent thereto. 2. Tax-Sale Notice — Casner v. Gahlman, ante, followed as to validity of. Upon the question of the validity of the notice of tax sale, the decision in Casner v. Gahlman, ante, p. 295, is followed.