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Farmers Production Credit Association v. McFarland
Supreme Court of Iowa
374 N.W.2d 654 (1985)
Daniel and Linda McFarland (defendants) owned property subject to a senior mortgage held by American Federal Savings & Loan Associates (AFS) and a junior mortgage held by Production Credit Association (PCA) (plaintiff). PCA commenced foreclosure proceedings. Subsequently, AFS commenced foreclosure proceedings and obtained a judgment subject to PCA’s lien. AFS then purchased the property at a sheriff’s sale, subject to a six-month redemption period. The McFarlands had a three-month exclusive period to redeem the property. Within this three-month period, Dorothy McFarland, the McFarlands’ assignee, tendered a check to redeem the property. Approximately one month later, PCA tendered a check to redeem the property. Dorothy claimed her redemption extinguished PCA’s lien. The trial court found PCA was entitled to judgment on the McFarlands’ note and entitled to redeem the property from Dorothy. Daniel, Linda, and Dorothy McFarland appealed.
Rule of Law
Holding and Reasoning (Schultz, J.)
Dissent (Carter, J.)
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