Law School Case Briefs
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Portland Mortgage Co. v. Creditors Protective Ass'n
Oregon Supreme Court (1953) | 262 P.2d 918; 199 Or. 432; 1953 Ore. LEXIS 283
TL;DR: A senior mortgagee who purchased property at its own foreclosure sale, but omitted a junior lienholder, was permitted to extinguish the junior's right to redeem by paying off the junior debt before the redemption was completed.
Legal Significance: This case clarifies the critical distinction between an omitted junior lienholder's equitable right of redemption (redeeming the senior mortgage) and the statutory right of redemption (redeeming the property post-foreclosure), affirming the purchaser's right to satisfy the junior lien to protect title.