266 S.W. 458 | Ark. | 1924
In the absence of fraud and unfairness, inadequacy of price, however gross, does not invalidate a sale.
"It is further considered, ordered, adjudged and decreed that, upon the report of sale and the confirmation thereof, all right and equity of redemption of the defendants, and each of them, and all right of dower and homestead of the said Anna Wylds, shall be forever barred and foreclosed."
Appellant herein purchased said land at the commissioner's sale, subject to the first mortgage owned by the Prudential Insurance Company of America, bidding therefor the amount of the judgment, interest and costs. After the sale, and before the confirmation thereof, appellee filed a petition *42 to set aside the sale and redeem the land. In keeping with his offer to redeem the land he tendered the amount of the judgment, interest and costs into court.
Appellant contends the trial court erred in setting aside the sale, for the reason that appellee did not allege or prove any misconduct or gross irregularities in making the sale, or that appellant purchased the land for a grossly inadequate price. It is true that the sale was regularly made and free from fraud; and that appellee bid a fair price for the land, but the sale was, according to the terms of the decree, a conditional one; the condition being that appellee might redeem the land from the sale before a confirmation thereof. This is the correct interpretation of the decree. It is unnecessary to determine whether the court erred in ordering a conditional sale of the land. The order of sale was final, and no appeal was taken therefrom. The appellant therefore bought the land subject to the condition in the decree, and must abide by appellee's right to redeem the land at any time before the confirmation of the sale by paying the judgment, interest and costs. The doctrine of caveat emptor applies.
No error appearing, the decree is affirmed.