Ivey v. New South Bldg. & Loan Ass'n

• Decision Date: 05 March 1898
• Citation: 30 S.E. 540,103 Ga. 585
• Parties: IVEY v. NEW SOUTH BUILDING & LOAN ASS'N WILLIAMS v. SAME.
• Court: Georgia Supreme Court

30 S.E. 540

103 Ga. 585

IVEY v. NEW SOUTH BUILDING & LOAN ASS'N

WILLIAMS v. SAME.

Supreme Court of Georgia

March 5, 1898

Syllabus by the Court.

1. A provision in a security deed which contained a power of sale, directing that such sale must be for cash, was sufficiently complied with when the land described in the deed was duly advertised and exposed to sale in accordance with the terms of the power, and bid in by a person entitled to receive the proceeds of the sale, to whom the trustee authorized to make the sale thereupon conveyed the land, and entered upon the purchaser's debt a credit equal in amount to such proceeds.

2. This was exactly the same thing, in effect, as if the purchaser had been required to pay the amount of his bid in cash, and the trustee had immediately returned to him the money and made the credit as stated.

Error from superior court, Bibb county; W. H. Felton, Judge.

Actions by Mary O. Ivey and by J. B. Williams against the New South Building & Loan Association. Judgment for defendant in each case and plaintiffs bring error. Affirmed.

W. Dessan and Robt. Hodges, for plaintiffs in error.

Estes & Jones, for defendant in error.

PER CURIAM.

Judgment in each case affirmed.