(Download) "Isom v. Larson" by Supreme Court of Montana * Book PDF Kindle ePub Free
eBook details
- Title: Isom v. Larson
- Author : Supreme Court of Montana
- Release Date : January 02, 1927
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 52 KB
Description
Real Property ? Quieting Title ? Deeds ? Mortgages ? Recordation ? Time ? Judgment Liens ? Priorities ? Husband and Wife ? Tenants in Common ? Attachment and Execution ? Homesteads ? Subrogation. Real Property ? Husband and Wife ? When Tenants in Common. 1. Where, in an action to quiet title, husband and wife were agreed to have been "the owners" at the time they executed a deed, they were, under section 6683, Revised Codes of 1921, tenants in common, each owning an undivided one-half interest therein. Same ? Deeds ? When Deed Absolute a Mortgage. 2. A deed, absolute on its face, but given as security for a debt, is in fact a mortgage. - Page 396 Same ? Mortgages ? Equity of Redemption a Property Right Which may be Sold or Seized on Attachment or Execution. 3. The equity of redemption, as distinguished from the right of redemption, existing from the time of the execution of a mortgage up to the time of sale on foreclosure, is a substantive property right which may be sold or seized on attachment or execution, the rule applying as well to a deed absolute on its face but subject to a defeasance agreement, as in case of a mortgage. Same ? Homestead Declaration by Husband Alone ? Execution ? Wifes Interest not Exempt. 4. Where a wife does not join in a homestead declaration on property owned by them as tenants in common, the exemption from attachment or execution does not attach to her interest. Same ? Judgment Liens Do not Attach Where Debtors Title Undisclosed of Record. 5. While the judgment lien provided for by section 9410, Revised Codes of 1921, attaches to property held by a tenant in common, it does not attach while the debtors title is undisclosed of record. Same ? Deeds ? Recordation ? Time ? Judgment Liens ? Priority Over Mortgage Lien. 6. A grantee of property under a deed absolute on its face but in fact a mortgage reconveyed the property by deed to the grantors (husband and wife) upon payment of the debt secured thereby, and presented it for record five minutes before a second grantee of the same grantors presented his, also given as security for a loan. Prior thereto a creditor of the wife had attached her interest in the premises and secured judgment which had been duly docketed. Held, that immediately upon the filing for record of the first deed, the grantors were reinvested with the legal title and the judgment lien of the creditor at once attached to the interest of the wife therein, and was therefore prior and superior to the claim of the second grantee under decree of foreclosure of his mortgage deed. Subrogation ? When Doctrine Inapplicable. 7. Where one voluntarily loans money to pay off a mortgage debt, he taking a mortgage on the property, and on foreclosure thereof discovers a prior lien thereon, he will not be heard to say that he is entitled to be subrogated to the position held by the former mortgagee; not having had any interest in the premises to protect and not having been under obligation to pay the debt, the doctrine of subrogation cannot be applied in aid of his security. - Page 397