Opinion

Manufacturers' Finance Acceptance Corp. v. Woods

  • 24 Ala. App. 202
  • 132 So. 608
  • 1930 Ala. App. LEXIS 315
Court
Alabama Court of Appeals
Filed
Jun 10, 1930
Status
Published
On the bench
Bricken, Rice, Samford
Cited by
1 cases
Authority
More cited than 43.8%

The opinion

In concurring in the conclusion reached by RICE, J., I do not lose sight of the opinion written by me in Harris Co. v. Thomas, 17 Ala. App. 634 , 88 So. 51 , as indicated in the second headnote. I am still of the opinion that the law is as there stated, but the application of that principle seems to be limited in this state to equity jurisdiction and not to courts of law. I am driven to this conclusion by the opinion in Marks v. Robinson Ledyard, 82 Ala. 69 , 2 So. 292 , 295 , and Holman v. Ketchum, 153 Ala. 360 , 45 So. 206 , 207 . In the Marks Case, supra, Stone, C. J., says: "The effect of a mortgage is different from that of any other species of conveyance, in some particulars. It is treated differently in the two leading jurisdictions, equity and common law. * * * In the latter [Law] it is, as between the parties, a transfer of the legal title, leaving in the mortgagor only a right to redeem, called in the books an equity of redemption. The mortgagor in possession holds in subordination to the right and title of the mortgagee * * * and the latter may dispossess him at any time by action at law [italics mine], unless, by the terms of the mortgage. possession is reserved in the mortgagor for a term not expired." There was no such reservation of possession in the mortgage in the present case, either expressed or implied, and hence in a law forum the mortgagee is the legal owner and entitled to the possession. This case is reaffirmed in the Holman Case, supra, in which it is said: "Before foreclosure there is in the mortgagor only the equity of redemption, which is not cognizable in a court of law. (Italics mine.) For the foregoing reasons I concur with RICE, J.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.

A word about cookies

We need a few to keep you signed in and the library working. The rest help us see which pages people use and where they get stuck. They stay off unless you say yes.