Gilbert v. Merrill
Gilbert v. Merrill
Opinion of the Court
delivered the opinion of the Court.
The right, which Samuel Merrill had to redeem the premises mortgaged by him to Royal Lincoln, was, on the 16th of February, 1826, attached at the suit of David Winslow. At the October term 'of the Common Pleas in this county, 1829, he obtained judgment in that suit; and the equity attached was duly and seasonably sold 'to the plaintiff, upon the execution, which issued upon that judgment. The right of the plaintiff has relation back to the day of the attachment; and has therefore priority to the interest, conveyed by the said Samuel to the defendant, between the attachment and the sale of the equity.
But if the debt be not paid, the equity is liable to be sold, to satisfy a judgment however inconsiderable, although it may be of great value. This arises from the statute right to attach, seize and sell, and from the indivisible character of the equity. The statute presumes that there may be a surplus ; and provides for its distribution to other creditors, or its payment to the debtor. It results that the purchaser may hold his purchase, for the whole sum by him paid. If it were not so, there would be no safety in buying at such sales. No one would bid beyond the amount of the execution, upon which such sale might be made, which would often occasion great sacrifice of this kind of property. We are of opinion, that unless the defendant has other grounds of defence, the plaintiff’s lien, on the premises in question, subject to the prior mortgage Jo Lincoln, extends to the whole amount by him paid, with the interest.
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