Opinion ID: 1425716
Heading Depth: 1
Heading Rank: 4

Heading: right of redemption can be effected before confirmation

Text: The purchaser contends the trial court erred in permitting Credit Union to exercise its right of redemption because the redemption was exercised after he sought confirmation of the sale. According to our statutory law, [e]very person having an interest in property subject to a lien, has a right to redeem it from the lien, at any time after the claim is due, and before his right of redemption is foreclosed. [5] The redemptive right is not extinguished at the time of sale but rather when the order of sale is confirmed. [6] Generally, the equitable right of redemption belongs to one who has an interest in the premises that would be lost on foreclosure or to one who owns the mortgagor's equity of redemption or any subsisting interest therein by privity of title acquired by purchase, inheritance or otherwise. [7] A borrower or any other person (i.e., subordinate lender, owner) having an interest subject to a lien has a right of redemption that is not extinguished at the time of sale but extends until the order of sale is confirmed. [8] This is so because by statute a judicial sale on foreclosure is neither conclusive nor binding in the sense of transferring legal title to the purchaser until it is effectively confirmed. [9] We acknowledge that there are early post-statehood cases which seem to hold to the contrary. [10] Insofar as these authorities are in discord with today's pronouncement, they are to be viewed as overruled by our more recent decisions. [11] We hold that Credit Union could effect its right of redemption at any time before the sale was confirmed.