132 Mich. 360 | Mich. | 1903
Complainant brings this suit to obtain a decree declaring that a deed held by defendant is a mortgage, and to redeem therefrom. The case made by her bill and testimony may be stated as follows: In 1895 she owned the most northerly one of three terraces situated on the corner of Capitol avenue and Shiawassee street, in the city of Lansing. Her husband, George M. Dayton, owned the most southerly of said three terraces, and one Holland J. Cleland owned the middle one. There was a first mortgage, securing the payment of about $7,500, covering the three terraces. There was a second mortgage for about $1,325 on each of the three terraces, held by the Lansing State Savings Bank. After the middle and south terraces had been purchased by said Lansing State Savings Bank ■on proceedings taken to foreclose the second mortgage, .and just before a sale was to take place of the north terrace under proceedings to foreclose the second mortgage “thereon, and a few days before a sale was to take place under proceedings to foreclose the first mortgage on all of said terraces, a verbal arrangement was made by complainant’s husband and attorney, on her behalf, with said ■defendant, whereby defendant agreed to purchase at the
It is unnecessary for us to decide whether the arrangement made on behalf of complainant with defendant created a mortgage, as contended by complainant, or gave to defendant an absolute title, not subject to redemption, as contended by defendant. We are agreed that, if the same constituted a mortgage, this suit cannot be main
It is said that defendant should abide by the consequences of his purchase of the south and middle terraces, because he blundered in his bid. By this is meant, as we understand, that he at once bid a high price, instead of starting at a low figure. This was a matter committed to his discretion, and there is nothing to indicate that the Lansing State Savings Bank would have bid a larger amount had he adopted another course.
It is said that complainant cannot redeem from the purchase of the'middle and south terraces, because she has no interest in that property. That is no answer. Under the claim she makes of a right to redeem from the purchase of her own property, she has a right to insist upon, and was bound to ásk, a subrogation to the rights acquired by defendant in said property.
The decree of the court below must be affirmed.