Folsom v. Lockwood
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Folsom v. Lockwood
Opinion of the Court
By the Gowrl
— When a mortgage is given to secure the payment of money, it is the debt itself that is
There is nothing in this case to exempt it from the operation of this rule. The action is brought to foreclose the mortgage, and the mortgagee states in his complaint that the debt still remains unpaid, and that no proceedings have been had at law, save that in the exercise of a power of sale contained in the mortgage, he had sold the mortgaged premises by advertisement, but that the said sale, at the instance of the mortgagor, had been set aside, and declared null and void, by the judgment and decree of the District Court of the proper county.
There is no pretense that any portion of the debt has been paid, or that there has been an express release of the mortgage, but it is insisted that the said sale under the power, though adjudged to be illegal and void, yet operated to discharge the mortgage lien.
We think this proposition was by no means established. No one of the cases referred to in the brief of Defendant’s Counsel, seems to us to maintain any such doctrine. They are mostly to the effect — that a judgment creditor, having once sold on execution the interest of the judgment debtor in certain real estate, cannot afterwards redeem the lands under the statute relating to redemption, although his judgment may not be fully satisfied. They all depend more upon the construction of particular statutes than upon any general principle.
The sections of our statute to which we have been referred, seem to establish that the power of sale contained in a mortgage is a “lien or charge” on the land mortgaged, and passes by an assignment of the mortgage. This implies that the “lien or charge” thus created or declared, would not exist, without the statute, or would be lost in case the mortgage was assigned. There is room therefore for distinguishing between this lien or charge, and the lien of the mortgage. The former,
As between the mortgagor and mortgagee, the former would have had the right, perhaps, to affirm the sale, and hold the latter personally responsible for any injury he may have suffered thereby. Lowell vs. North & Carll, 3 Minn., 32. But he cannot have it set aside, and at the same time have the benefit of an affirmance. It cannot be inadequate to pass even the interest of the mortgagor in the property, and yet sufficient to destroy the lien of the mortgagee. The sale should not be held valid for one purpose, and void for another.
We hold therefore that as the debt secured by the mortgage
. The judgment of the District Court overruling the demurrer of the Defendants to the complaint, is affirmed; and as there are infant Defendants, whose interests may not be sufficiently protected without a trial, we will remand the case to the District Court, for such further proceedings, a3 may ap • pear to be necessary.
Reference
- Full Case Name
- Simeon P. Folsom v. John A. Lockwood
- Cited By
- 6 cases
- Status
- Published