27 Iowa 214 | Iowa | 1869
The foreclosure of a mortgage, in an action against the mortgagor alone, where a part of the land covered by the mortgage has been conveyed and the purchaser is not made a party to the proceeding, is not void. The purchaser of such part of the land holds the equity of redemption therein which has not been cut oif by the foreclosure, and nothing more; and the purchaser under the decree acquires a perfect title, subject to this equity of redemption, which may be enforced by action brought by the one holding it after-the foreclosure and sale. Street v. Beal & Hyatt, 16 Iowa, 68; Heimstreet v. Winnie, 10 id. 430; Bates v. Ruddick, 2 id. 427.
The view taken in defendant’s demurrer, which was adopted by the court, that the foreclosure sale was void, is erroneous. Plaintiffs, in order to hold the title to the land, were required to redeem, and the proceeding for that purpose was properly instituted. They were authorized to make a just and proper compromise whereby their rights were preserved.
The demurrer should have been overruled, and the judgment of the District Court is therefore
Reversed.