Source: https://chestofbooks.com/real-estate/Real-Property-Interests-Law/VII-Foreclosure-Sec-648-Accrual-of-the-right-to-foreclose.html
Timestamp: 2019-04-25 18:08:00+00:00

Document:
Fore closure is the proceeding by which a mortgagor or other owner of an interest in the land is, upon his failure to comply with the stipulations of the mortgage or of the instrument secured thereby, deprived of his right to discharge the land from the lien of the mortgage. Though we speak of the foreclosure of a mortgage, what is really foreclosed is the right to redeem from the mortgage, that is, the right, by a belated performance of the obligation secured, to extinguish the lien of the mortgage.
105 S. C. 312, 89 S. E. 547; Ball v. Setzer, 33 W. Va. 444, 10 S. E. 798; White v. Polleys, 20 Wis 505.
32. Boone v. Clark, 129 III. 466, 5 L. R. A. 276, 21 N. E. 850; Detroit Sav. Bank v. Truesdail, 38 Mich. 430; Farwell v. Bigelow, 112 Mich. 285, 70 N. W. 285; Stern-berger v. Sussman, 69 N. J. Eq. 197, 60 Atl. 195, 85 N. J. Eq. 593. 98 Atl. 1087; French & Co. v. Halten-hoff, 73 Ore. 244, 144 Pac. 480; Mc-Ginnis Appeal, 16 Pa. St. 445; Hudkius v. Ward, 30 W. Va. 204, 8 Am. St. Rep. 22, 3 S. E. 600.
33. Ante Sec. 644, note 3.
34. Pendleton v. Rowe, 34 Cal. 149; Cumberland Island Co. v. Bunkley, 108 Ga. 756, 33 S. E. 183; Dorn v. Gender, 171 III. 362, 49 N. E. 492; Gassert v. Black, 18 Mont. 35, 44 Pac. 401; Ohio Cent R. Co. v. New York Cent. Trust Co., 133 U. S. 83, 33 L. Ed. 561.
35. Phillips v. Taylor, 96 Ala. 426, 11 So. 323; Clark v. Paddock, 24 Idaho, 142, 46 L. R. A. (N. S.) 475, 132 Pac. 795; Heath v. Hall, 60 III. 344; Brown v. McKay, 151 III. 315. 37 N. E. 1037; Buchanan v. Berkshire Life Ins. Co., 96 Ind. 510; Buffalo Center Land & Investment Co. v. Swigart, 176 Iowa, 422, 156 N. W. 701; Adams v. Essex, 1 Bibb (Ky.) 149. 4 Am. Dec. 623; Schooley v. Romain, 31 Md. 574, 100 Am. Dec. 87; Noell v Gaines, 68 Mo. 649; Fletcher v. Daugherty, 13 Neb. 224, 13 N. W. 207; Baldwin v. VanVorst, 10 N. J. Eq. 577; Noyes v. Anderson, 124 N. Y. 175, 21 Am. St. Rep. 657, 26 N. E. 316; Parker v. Banks. 79 N. C. 480; Bushfield v. Meyer. 10 Ohio St. 334; Flesher v. Hubbard, 37 Okla. 587, 132 Pac. 1080; Atkinson v. Walton, 162 Pa. St. 219, 29 Atl. 898. And the statute in a number of states expressly authorizes foreclosure for the whole on nonpayment of an installment. 1 Stimson's Am. St. Law. Sec. 1929.
36. Prince v. Mahin, - Fla.
- 74 So. 696; Gloding v. Implement & Hardware Co., 20 Idaho, 348, 118 Pac. 666; Brown v. McKay, 151 III. 315, 37 N. E. 1037: Buchanan v. Berkshire Life Ins. Co., 96 Ind. 910; Ogilvie v. Union Cent. Life Ins. Co., 171 Ky. 134, 188 S. W. 309; Dunton v. Sharpe. 70 Miss. 850, 12 So. 800;Lowen stein v. Phelan, 17 Neb. 429, 22 N. W. 561; Doolittle v. Nurnberg. 27 N. D. 521, 147 N. W. 400; Atkin son v. Walton, 162 Pa. St. 219, 29 Atl. 898; Lee v. Security Bank & Trust Co., 124 Tenn. 582, 139 S. W. 690; Musselman v. Knottingham. 77 Wash. 435, 137 Pac. 1012. Compare English v. Carney, 25 Mich. 178; Schoonmaker v. Taylor, 14 Wis. 313.
Chicago & V. R. R. Co. v. Fosdeck, 106 U. S. 47, 27 L. Ed. 47.
38. Philips v. Taylor. 96 Ala. 426, 11 So. 323; Hatcher v. Chan-cey, 71 Ga. 689; Morgernstern v. Klees, 30 III. 422; McCarthy v. Benedict. 89 Neb. 293. 131 N W. 598; Anderson v. Pilgram, 30 S. C. 499, 4 L. R. A. 205 14 Am. St. Rep. 917, 9 S. E. 587; Dupee v. Salt Lake Valley Loan & Trust Co.. 20 Utah, 103, 77 Am. St. Rep. 902, 57 Pac: 845.
39. Bennett v. Stevenson, 53 N. Y. 528; Hunt v. Keech, 3 Abb. Pr. (N. Y.) 204; Osborne v. Ketch-am, 76 Hun. (N. Y.) 325. 27 N. Y. Supp. 694; Serrell v. Rothstein, 49 N J. Eq. 385, 21 Atl. 369; Warwick Iron Co. v. Morton, 148 Pa.
St. 72, 23 Atl. 1065.
41. Atkinson v. Walton, 162 Pa. St. 219. 29 Atl. 898.
42. Wilcox v. Allen, 36 Mich. 160.
There may be, by express stipulation, a right to foreclose for the principal upon the mortgagor's failure to pay taxes on the land,46 or upon any other default by the mortgagor, as in the payment of insurance, which is calculated to affect the security.47 A demand of performance after such a default is not necessary before beginning suit to foreclose.48 But a performance, even after default, will usually prevent the subsequent institution of a suit to foreclose.49 And it has been held that when there was a reasonable effort to comply with a covenant to insure, and the debtor supposed that he had so complied, the principal should not be gage creditor. Moore v. Sargent, 112 Ind. 484, 14 N. E. 466. That tender of the amount overdue will prevent a declaration that the whole debt is due, sea Wolz v. Parker, 134 Mo. 458, 35 S. W. 1149.
44. Parker v. Olliver, 106 Ala. 549, 18 So. 40; Campbell v. West, 86 Cal. 197, 24 Pac. 1000; Moore v Sargent, 112 Ind. 484, 14 N. E. 466.
45. LaPlant v. Beechley, Iowa, - , 165 N. W. 1019.
46. Pope v. Durant, 26 Iowa, 233; Stanclift v. Norton, 11 Kan. 218; Union Central Life Ins. Co. v. Puckett, 97 Kan. 428, 155 Pac. 930; Condon v. Maynard, 71 Md. 601, 18 Atl. 957; Pearman v. Massachusetts Hospital Life Ins. Co., 206 Mass. 377, 92 N. E. 497; O'Connor v. Shipman, 48 How. Pr. (N. Y.) 126; Farmers' Security Bank of Park River, North Dakota v. Martin, 29 N. D. 269, L. R. A.
1915D, 432, 150 N. W. 572; Johnson v. Irwin, 16 Wash. 652, 48 Pac. 345.
47. Johnson v. Northern Minnesota Land & Investment Co., 168 Iowa, 340, 150 N. W. 596; Porter v. Schrall, 93 Kan. 297, 144 Pac. 216; First Nat. Bank of Strong-hurst, Illinois v. Kirby (Mo.), 175 S. W. 926; Churchill v. Meade, 88 Ore. 120, 171 Pac. 565.
48. Clemens v. Luce, 101 Cal. 432, 35 Pac. 1032; Ferris v. Spoon-er, 102 N. Y. 10, 5 N. E. 773.
49. Smalley v. Ranken, 85 Iowa, 612, 52 N. W. 507; Noyes v. Anderson, 124 N. Y. 175, 21 Am. St. Rep. 657, 26 N. E. 316; Ver Planck v. Godfrey, 42 N. Y. App. Div. 16, 58 N. Y. Supp. 784. A subsequent performance cannot affect the right to prosecute a proceeding for sale already instituted. Parker v. Olliver, 106 Ala. 549, 18 So. 40.

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