United States Supreme Court Cases & Opinions

U.S. Supreme Court

Richmond Corp. v. Wachovia Bank & Trust Co., 300 U.S. 124 (1937)

Richmond Mortgage & Loan Corp. v. Wachovia Bank & Trust Co.

No. 235

Argued January 4, 1937

Decided February 1, 1937

300 U.S. 124

Syllabus

1. A North Carolina statute providing that, when the mortgagee, payee, or other holder of an obligation secured by real estate causes a sale of the property by a trustee becomes the purchaser for a sum less than the amount of the debt and afterwards brings an action for the deficiency, the defendant may show, by way of defense and set-off, that the property sold was fairly worth the amount of the debt or that the sum bid was substantially less than the true value of the property, and thus defeat the claim in whole or in part, held valid in application to notes secured by deed of trust executed prior to the passage of the law. P. 300 U. S. 129.

2. The obligation of a contract is not impaired by a law limiting the remedy, if a remedy adequate for enforcing the obligation remains or is substituted. P. 300 U. S. 128.

210 N.C. 29, 185 S.E. 482, affirmed.

In an action to collect a balance due on a mortgage debt, the plaintiff, appellant here, was defeated in a General County Court in North Carolina. The judgment was affirmed by the Superior Court, whose judgment was in turn affirmed by the Supreme Court of the State.

Page 300 U. S. 126