Lincoln Trust Co. v. McDowell

Nebraska Supreme Court

Lincoln Trust Co. v. McDowell

17 N.W.2d 349, 145 Neb. 473, 1945 Neb. LEXIS 7

CourtNebraska Supreme Court

DecidedJanuary 23, 1945

DocketNo. 31867

StatusPublished

Cited by1 cases

This text of 17 N.W.2d 349 (Lincoln Trust Co. v. McDowell) is published on Counsel Stack Legal Research, covering Nebraska Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Lincoln Trust Co. v. McDowell, 17 N.W.2d 349, 145 Neb. 473, 1945 Neb. LEXIS 7 (Neb. 1945).

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Opinion

Simmons, C. J.

Defendant, Electa McDowell, appeals from an order confirming a sale in a real estate mortgage foreclosure, on the basis that the sale price was far below the actual value of the land.

The rule is: “An order confirming a judicial sale under a decree foreclosing a mortgage on real estate will not be reversed on appeal for inadequacy of price, when there was no fraud or shocking discrepancy between the value and [474]*474the sale price, and where there is no satisfactory evidence that a higher bid could be obtained in the event of another sale.” Kansas City Life Ins. Co. v. Zakrzewski, 143 Neb. 878, 11 N. W. 2d 496.

The decree of foreclosure was entered May 9, 1932. The land was sold to the plaintiff under the decree on June 19, 1933, for $17,061.33, being $74.65 less than the amount of principal, interest and costs then due. Moratoriums then were had under State and United States statutes. March 20, 1944, on objection to confirmation by defendant, the 1933 sale was set aside and a new sale ordered. The land was sold on April 24, 1944, to plaintiff -for $13,000. Defendant objected to the confirmation of this sale and plaintiff in open court raised its bid to $15,000, which bid the trial court accepted and confirmed the sale. •

The property consisted of 461 acres of farm and pasture land, improved by a “nice house”, a good chicken house, barn and garage, trees and fencing. Plaintiff’s witnesses fixed the value of the land at amounts ranging from $8,640 to $13,000. Defendant’s witness fixed the value at amounts ranging from $16,000 to $18,440. There is no showing that a higher bid could be obtained in the event of another sale.

Defendant’s theory seems to be that since plaintiff bid over $17,000 in 1933, it shows that its present bid of $15,000 is inadequate. Defendant, however, on objection to the confirmation of the first sale offered evidence that the value' in 1933 was approximately one-third of the plaintiff’s bid.

Under the above-established rule, the judgment of the trial court is affirmed.

Affirmed.

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Simmons, C. J.

Defendant, Electa McDowell, appeals from an order confirming a sale in a real estate mortgage foreclosure, on the basis that the sale price was far below the actual value of the land.

The rule is: “An order confirming a judicial sale under a decree foreclosing a mortgage on real estate will not be reversed on appeal for inadequacy of price, when there was no fraud or shocking discrepancy between the value and [474]*474the sale price, and where there is no satisfactory evidence that a higher bid could be obtained in the event of another sale.” Kansas City Life Ins. Co. v. Zakrzewski, 143 Neb. 878, 11 N. W. 2d 496.

The decree of foreclosure was entered May 9, 1932. The land was sold to the plaintiff under the decree on June 19, 1933, for $17,061.33, being $74.65 less than the amount of principal, interest and costs then due. Moratoriums then were had under State and United States statutes. March 20, 1944, on objection to confirmation by defendant, the 1933 sale was set aside and a new sale ordered. The land was sold on April 24, 1944, to plaintiff -for $13,000. Defendant objected to the confirmation of this sale and plaintiff in open court raised its bid to $15,000, which bid the trial court accepted and confirmed the sale. •

The property consisted of 461 acres of farm and pasture land, improved by a “nice house”, a good chicken house, barn and garage, trees and fencing. Plaintiff’s witnesses fixed the value of the land at amounts ranging from $8,640 to $13,000. Defendant’s witness fixed the value at amounts ranging from $16,000 to $18,440. There is no showing that a higher bid could be obtained in the event of another sale.

Defendant’s theory seems to be that since plaintiff bid over $17,000 in 1933, it shows that its present bid of $15,000 is inadequate. Defendant, however, on objection to the confirmation of the first sale offered evidence that the value' in 1933 was approximately one-third of the plaintiff’s bid.

Under the above-established rule, the judgment of the trial court is affirmed.

Affirmed.

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17 N.W.2d 349, 145 Neb. 473, 1945 Neb. LEXIS 7, Counsel Stack Legal Research, https://law.counselstack.com/opinion/lincoln-trust-co-v-mcdowell-neb-1945.

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