Georgia Pacific R. R. v. Walker
Georgia Pacific R. R. v. Walker
Opinion of the Court
delivered the opinion of the court.
" The rights of the railroad company were not affected by' the decree of foreclosure, because, being a purchaser of the equity of redemption in a part of the mortgaged land before the bill was filed, it was. not made a party defendant. But the sale under the foreclosure proceedings was not a nullity. The purchaser acquired all the rights of the mortgagee in the land, and this included the legal title to the land. He could either have sued in ejectment on this legal title, or have proceeded anew to foreclose the mortgage. The bill in this case is founded upon the theory that by his purchase the complainant became absolute owner of the property, that the equity of redemption of the company had been cut off by the sale. In this the complainant is mistaken. But the bill also contains a prayer for general relief, and on the facts stated he is entitled to foreclose the mortgage anew. The defendant- may now, as it might have done if it had been a party to the original proceeding, require the land owned by complainant to be first sold for the satisfaction of the mortgage debt, its land being subject only for any deficiency which may exist after such sale. Jones on Mortgages, § 1395,and authorities there cited; Frisehe v. Kramer, 16 Ohio 125.
Decree affirmed.
Reference
- Full Case Name
- Georgia Pacific R. R. Co. v. J. S. Walker
- Cited By
- 4 cases
- Status
- Published
- Syllabus
- 1. Parties. Sill to foreclose mortgage. Holder of equity of redemption. The rights of the holder of an equity of redemption in mortgaged premises acquired before the filing of a bill to foreclose the mortgage, and to which he is not a party, are not affected by the decree of foreclosure. 2. Purchaser at Foreclosure Sale. Sights acquired. The purchaser at a sale under foreclosure proceedings acquires all the rights of the mortgagee in the land, including the legal title, and may bring ejectment for the land or proceed anew to foreclose the mortgage. 3. Same. Holder of equity of redemption. The purchaser at a foreclosure sale does not become the absolute owner of the property so as to cut off the equity redemption in part of the land held by one not a party to the foreclosure proceedings, but such holder may require that the lands retained by the mortgagor be first sold for the satisfaction of the mortgage debt, and his part subjected to payment of any deficiency which may arise.