Updike v. Merchants' Elevator Co.

• Decision Date: 18 June 1888
• Citation: 96 Mo. 160,8 S.W. 779
• Parties: UPDIKE v. MERCHANTS' ELEVATOR CO. et al.
• Court: Missouri Supreme Court

8 S.W. 779

96 Mo. 160

UPDIKE v. MERCHANTS' ELEVATOR CO. et al.

Supreme Court of Missouri.

June 18, 1888.

MORTGAGE — REDEMPTION — SECURITY FOR INTEREST.

Under Rev. St. Mo. § 3298, providing that land sold under a deed of trust, and bought by the cestui que trust or his assigns, shall be subject to redemption within one year from the date of sale; and section 3299, providing that no party shall have the benefit of the preceding section until he shall have given security for the payment

of interest to accrue after the sale, such security must be given at or within a reasonable time after the time of sale, and a bond given more than four months after the sale does not give any right of redemption.

Appeal from St. Louis circuit court; DANIEL DILLON, Judge.

Given Campbell, for appellant. Martin, Laughlin & Kern, for respondent.

BLACK, J.

This was a suit to redeem from a sale under a deed of trust. The case is here on appeal from a final judgment sustaining a demurrer to the petition. The material facts are these: The Union Steam-Mills Company made two deeds of trust on the property to secure different debts; one dated 24th March, 1880, and the other the 20th July, 1882. There was a sale by the trustee under the second deed of trust, and by mesne conveyances the title to the property, subject to the first deed of trust, became vested in Lockwood, as assignee of the Union Flour-Mills Company. The title stood in this condition on the 29th September, 1884, at which date the property was sold under the first deed of trust. Johnson held the debt secured by that deed of trust, and he became the purchaser of the property at the trustee's sale, and received a trustee's deed of the same date. He sold to Slattery, and Slattery to the defendant the elevator company It is this sale, made under the first deed of trust, from which plaintiff seeks to redeem, and his title is a deed from Lockwood, the assignee, dated 26th January, 1885. He bases his right to redeem solely upon section 3298, Rev. St. It is alleged in the petition that plaintiff has given bond and security to the satisfaction of the circuit court in favor of Johnson for the payment of the interest to accrue after the sale, and for all damages, etc.; but it is not stated when this bond was given. As the trustee's sale took place on the 29th September, 1884, and the plaintiff did not become the purchaser from Lockwood until 26th January, 1885, the bond must have been given some four months after the...