[Download] "Southwest State Bank v. Quinn" by Supreme Court of Kansas * Book PDF Kindle ePub Free

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eBook details

• Title: Southwest State Bank v. Quinn
• Author : Supreme Court of Kansas
• Release Date : January 04, 1967
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 58 KB

Description

The opinion of the court was delivered by This is a mortgage foreclosure action on real estate owned by a bankrupt corporation. Our principal concern is whether the statutory right of redemption under K.S.A. 60-2414 (a) is exempt property. The facts are not in dispute. Jones-Mack, Inc., a Kansas corporation, owned the property subject to the two mortgages mentioned later. On October 14, 1964, prior to the foreclosure proceeding, Jones-Mack leased the premises to Gunstocks, Inc., a corporation, and Earl Welch for a term of four years at a stipulated monthly rental. The lessees have continued to occupy the premises, paying the rent therefor. Thereafter the appellee, Southwest State Bank, as plaintiff, commenced this action against Jones-Mack in the district court of Jefferson county by filing a petition to foreclose its mortgage on the property. The Bank of Perry filed a cross-petition to foreclose its mortgage on the same property. Neither mortgage contained a provision whereby the mortgagor, Jones-Mack, Inc., waived the statutory period of redemption.

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