Springer Corporation v. Kirkeby-Natus
New Mexico Supreme Court
453 P.2d 376, 80 N.M. 205 (1969)
- Written by Laura Julien, JD
Facts
Kirkeby-Natus (Kirkeby) (defendant) held a first mortgage over 403 acres of land, securing an indebtedness of $521,458. Springer Corporation (plaintiff) held a second mortgage over approximately 95 acres of the same land, securing an indebtedness of $77,800. Kirkeby, as the senior lienholder, foreclosed on its mortgage and purchased the land with a bid of $323,625, thereby creating a deficiency of $197,833. Springer, as a junior lienholder, was erroneously omitted from the foreclosure proceedings. Springer subsequently brought an action to foreclose on its second mortgage, and Kirkeby filed a counterclaim to foreclose its first mortgage against Springer. The trial court granted Kirkeby’s counterclaim. Springer was afforded nine months from the date of judgment to redeem its interests upon its payment of the full purchase price of $323,625 and the unpaid $13,041 remaining on the deficiency judgment. Springer appealed, asserting that it should be permitted to redeem pro tanto and pay its pro rata share from the foreclosure of the first mortgage rather than being required to pay the full balance.
Rule of Law
Issue
Holding and Reasoning (Noble, C.J.)
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