Smith v. Sanders-Lenahan Lumber Co.
Smith v. Sanders-Lenahan Lumber Co.
Opinion of the Court
The plaintiffs appeal from a judgment rejecting their demand to have a judicial sale of certain real estate to the defendant decreed null. The property was sold by the coroner, acting sheriff, by virtue of a writ of fieri facias on a judgment rendered in a suit entitled Bank of Leesville v. Powell Bros. & Sanders Co., Limited, et al., for $10,000, and interest and attorney’s fees. The judgment was rendered on two promissory notes of $5,000 each, secured by mortgage on the property. The plaintiffs are the holders of other notes secured by the same mortgage and of equal rank with the notes on which the judgment was rendered in favor of the Bank of Leesville.
13] The plaintiffs’ third contention is that W. J; Sanders was not subrogated to the mortgage when he acquired the judgment from the Bank of Leesville, and that therefore the writ of fieri facias issued at his instance, as subrogee, was invalid. Counsel for the plaintiffs says in his brief that this proposition is somewhat out of place in the present suit, but that it might have some bearing on the distribution of the proceeds of the sale. It is admitted in the plaintiffs’ petition that the judgment was transferred by the bank to W. J. Sanders; hence there is no merit whatever in the contention that subrogation to the mortgage recognized in the judgment did not take place.
The plaintiffs contend that the sale is invalid because the coroner, acting sheriff, failed to sign the return indorsed on the back of the notice of seizure, stating that it was served upon the defendants. The coroner •testified, without any objection on the part of the plaintiffs’ counsel, that he served the notice of seizure on the defendants, as recited in the return. It is also recited in the deed to the defendant company that the property was advertised for sale after the legal delays had expired from the date on which the notice of seizure was served. Hence the coroner’s failure to sign the return indorsed on the notice of seizure was of no consequence.
The plaintiffs’ sixth and final contention is that the sale was made for such an insignificant price that it amounted to confiscation. The sale was made for $2,000, exactly two-thirds of the appraised value, of the property. It is not contended that the appraisement was unfair or fraudulent. In his brief, the plaintiffs’ attorney, in effect, concedes that his allegation regarding' the price of the adjudication does not set forth a cause for annulling the sale; and we agree with him.
The judgment appealed from is affirmed at the cost of the appellant.
Reference
- Full Case Name
- SMITH v. SANDERS-LENAHAN LUMBER CO.
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- 2 cases
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- Syllabus
- (Syllabus by the Court.) 1. Mortgages 494r — Actions—Judgment. In a suit on one of several promissory notes secured by the same mortgage, it .is not essential to the validity of the judgment, recognizing the mortgage as securing the note sued on, that it should recognize the mortgage in favor of the holders of the other notes, who are not parties to the suit. [Ed. Note. — Eor other cases, see Mortgages, Cent. Dig. §§ 1441-1445; Dec. Dig. 494.] 2. Mortgages 575 — Foreclosure — Effect oe Appeal. The receiver of a corporation, acting under orders of court, made an invalid sale of the property of the corporation. The adjudicatee refused to comply with his bid. A creditor of the corporation brought suit against the receiver and the adjudicatee to prevent a confirmation of the sale. Judgment was rendered confirming the sale, and the creditor took a suspensive appeal from the judgment, which .resulted in a reversal of the judgment and a decree of nullity of the sale. While the suspensive appeal was pending, a mortgage creditor, treating the adjudication as a nullity, seized and sold the property. Held: The judgment on which execution issued at the instance of the mortgage creditor was not suspended by the appeal, and the sale made thereunder was valid. [Ed. Note. — Eor other cases, see Mortgages, Cent. Dig. § 1652; Dee. Dig. 575.] 3. Judgment 844^-Eeebct oe Transfer— Subrogation. The transfer of a judgment rendered on a mortgage note subrogates the transferee to the mortgage security recognized in the judgment. [Ed. Note. — Eor other cases, see Judgment, Gent. Dig. §§ 1541-1546; Dee. Dig. 844.] 4. Mortgages 529(5) — Sale—Preliminary Proceedings — Return of Writ. Although the law requires that the sheriff, having levied a seizure on a writ of fieri facias and being unable to make the sale before the return day of the writ, shall return the writ to the clerk’s office, retaining a certified copy, and proceed as though the original writ remained in his hands, his failure to return the original writ to the clerk’s office before the return day is not a cause for annulling a sale made under authority of the certified copy that was made by him before the return day. [Ed. Note. — For other cases, see Mortgages, Cent. Dig. § 1537; Dec. Dig. 529(5).]