☰ Revisor of Missouri

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

< > Effective - 28 Aug 1965 bottom

  443.290.  Mortgages and security agreements with power of sale. — All mortgages of real property or security agreements providing for a security interest in personal property, or both, with powers of sale in the mortgagee or secured party, and all sales made by such mortgagee, secured party or his personal representatives, in pursuance of the provisions of the mortgages or security agreements, shall be valid and binding by the laws of this state upon the mortgagors and debtors, and all persons claiming under them, and shall forever foreclose all right and equity of redemption of the property so sold.  Nothing herein shall be construed to affect in any way the rights of a tenant to the growing and unharvested crops on lands foreclosed as aforesaid, to the extent of the interest of the tenant under the terms of contract or lease between the tenant and the mortgagor or his personal representatives.

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(RSMo 1939 § 3462, A.L. 1965 p. 114)

Prior revisions: 1929 § 3075; 1919 § 2234; 1909 § 2841

(1951) Where holder of unrecorded warranty deed to land was in the U.S. Military service at time of foreclosure of mortgage on such land, he was not entitled, under federal Soldiers' and Sailors' Civil Relief Act, as against innocent purchaser, to have foreclosure sale set aside. Godwin v. Gerling, 362 Mo. 19, 239 S.W.2d 352.

(1951) Because §§ 443.420, 443.430 and 443.440 expressly provide, in the event a bond to redeem is posted, for the delivery to the purchaser of a certificate of sale, it implies that when redemptioner gives notice of his intention to redeem the trustee is not to deliver his trustee's deed to the purchaser pending the lapse of the twenty days allowed for the posting of the bond. Leone v. Bear, 362 Mo. 464, 241 S.W.2d 1008.

(1975) This section held constitutional as against claim that it constitutes state action and thereby violates the due process clause of the fourteenth amendment to the Constitution of the United States. Federal National Mortgage Association v. Howlett (Mo.), 521 S.W.2d 428.


---- end of effective  28 Aug 1965 ----

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