Opinion ID: 1115152
Heading Depth: 1
Heading Rank: 4

Heading: Statutory Redemption

Text: Appellants contend that the stock was worth more than the amount required to redeem the property and that Appellees' retention of the stock should be viewed as a payment of the redemption price pursuant to Wyo. Stat. § 1-18-103 (1988). In the alternative, Appellants assert that Appellees' wrongful retention of the stock entitles them to an equitable extension of the statutory redemption period. Section 1-18-103 provides in pertinent part: (a) Except as provided with respect to agricultural real estate, it is lawful for any person    whose real property has been sold by virtue of an execution, decree of foreclosure, or foreclosure by advertisement and sale within three (3) months from the date of sale, to redeem the real estate by paying to the purchaser    the amount of the purchase price or the amount given or bid if purchased by the execution creditor or by the mortgagee under a mortgage, together with interest at the rate of ten percent (10%) per annum from the date of sale plus the amount of any assessments or taxes and the amount due on any prior lien which the purchaser paid after the purchase, with interest. On payment of this amount the sale and certificate granted are void. (b) In the case of any mortgage upon one (1) or more parcels of real estate any or all of which were agricultural real estate on the date of execution of the mortgage as stated in the mortgage, the period within which the owner    may redeem the premises sold is twelve (12) months from the date of the sale. The parties do not dispute that the ranch is agriculture real estate. To resolve the argument that Appellees' retention of the stock was payment under § 1-18-103, we rely upon our well established principle that, [i]f a statute is clear and unambiguous, we will not resort to rules of statutory construction, and the words will be given their plain and ordinary meaning. Soles v. State, 809 P.2d 772, 773 (Wyo. 1991); Johnson v. Statewide Collections, Inc., 778 P.2d 93 (Wyo. 1989). We hold that the plain meaning of the phrase to redeem the real estate by paying to the purchaser    the amount of the purchase price means that the redeemer must pay in money or its equivalent. Section 1-18-103(a). See 59 C.J.S., Mortgages § 852 (1949). Appellants' attempt to offset their claim to the stock against the cost of redemption does not suffice as a payment under § 1-18-103. In addition, we find no basis in § 1-18-103 to allow Appellants an extension of the redemption period. The statute clearly states that Appellants had twelve months in which to redeem. When Appellants failed to redeem in that period of time, the sale of the ranch was, as far as Appellants are concerned, a done deal. See E. Rudolph, The Wyoming Law of Real Mortgages (1969).