6 Mo. 273 | Mo. | 1840
Lead Opinion
Opinion of the court delivered by
Carson, as administrator of Stephens, brought'his action of ejectment against Anderson in his lifetime; the death of Anderson being suggested on the record, Elakey and Love weie made parties as administrators. The judgment of the circuit court was given in favor of the deiendants, and to reverse that, judgment, Carson pio-:ecutes this writ of error in lliis court. The evidence in the case is, that in the life time of John Anderson, one George McDaniel became the security of said Andeivon for the sum of one thousand dollars, and that Anderson wi.-hing to secure said McDaniel from any lo^son that account, executed to him a mortgage for the land here sued for, with a power to McDaniel himself, to sell ihe premises on certain conditions in the mortgaged deed mentioned. McDaniel sold the land and Joseph Stephens, the plaintiffs intestate, became the purchaser. It is not contended that the conditions prescribed in the mortgage deed have not been com} lied with. The only contested point, is whether the mortgagor can consistently with law1, constitute the mortgagee a trustee for the purpose of selling this land, to raise money to pay the debt due to- the moitgagee himself from the mortgagor. On the part of the defendants in error it is contended, 1st. Thai under our law a mortgage with a power of sale in the mortgagee is void. 2nd. That the only method of obtaining title to the mortgaged premises is, with us, by a sale under a petition for a foreclosure. The act concerning mortgages, of February IStli 1825, found in Digest of 1825, ] age 5&3, provides, that in all cases of mortgages of land &c. where the mortgagee, his executors, administrators or assigns, shall file a petition in the office of the clerk of the circuit court of the county where the mortgaged premises lie, against the mortgagor, or his heirs, executors or administrators, &c., setting forth the instrument of writing containing the mortgage, and praying that the equity of redemption may be foreclosed, •and the mortgaged premises sold to .satisfy the amount then 4ue, the clerk shall issue a summons requiring the defendant
Dissenting Opinion
Dissenting opinion of
I arn not satisfied, that in this state, a person should be allowed to unite in himself the character of mortgagee and trustee with powers of sale; the practice has obtained in England, but has grown up in comparatively modern times. The same practice has been sanctioned by legislative provision in New York, but has been repudiated in Virginia for reasons, which appear tc me entitled to great weight.— Deeds of trust have so commonly obtained, in this country, as to enable the creditor, who is desirous of avoiding the delays of procuring a foreclosure, to attain all the ends of a security without a resort to court. But in those deeds the creditor cannot unite in himself the inconsistent character of trustee. 1 incline, therefore, to the opinion that the judgment be affirmed.