Horsey v. Hough ex rel. Hough

Stewart, J., delivered the opinion of the Court. The sale vacated by the pro forma order of the Circuit Court-for Caroline County, purposes to have-been made, in pursuance of the provisions of the 64th Article of the Code. From the view we take, it is not necessary to consider all the exceptions that have been interposed to the ratification of the sale. The tenth, eleventh and twelfth exceptions, with the testimony applicable thereto, are sufficient to show the character of the sale. ¹³⁷ The tenth and eleventh refer to the circumstances that transpired at the time of the sale, and the twelfth, to the inadequacy of the price, at which the property sold; according to the uniform decisions of the Court, no sale will be set aside, in all other respects unexceptionable, for inadequacy of price; unless the sum reported by the trustee is so grossly inadequate as to indicate a want of reasonable judgment and discretion in the trustee.

Glenn &c. vs Clapp 11 G. & J., 9 . We think the inadequacy of the price of the property, in this case comes within the range of the above rule, and must be regarded, in connection with the other facts in the case, as a sufficient reason for affirming the order, vacating the sale. ' The proof shows that Samuel H. Horsey, the mortgagee, made the sale in question, and reported himself as the purchaser, in virtue of the mortgage from Kugler and wife, bearing date the 20th April, 1869. In appears, that Kugler and wife, by deed of 7th November, 1870, for the consideration of $14,850, therein expressed, and the payment of this _mortgage debt of $2000 to Horsey, conveyed the property to Mrs. Hough. It further appears, that the property was subject to the payment of a judgment held by the State.

The Counsel for Horsey stated on the day of sale, that this lien existed, but the amount was not known. In the advertisement of sale, there is no reference to this judgment. The mortgagee reports the fact of this lien existing, and that he believes a considerable balance remains due. Hough states there is about $1400 due on the judgment, and there is no testimony to the contrary.

Schuyler values the property, lot No. 1, at $4000 ; states it was improved by the use of lime — lies at Gloldsborough station on the Maryland and Delaware Railroad — has on it a large peach orchard — some 1500 trees in full bearing. ¹³⁸ Lot No. 2, he. values at $1000 to $1200 — has'a number jc peach trees on it and medium buildings. Lot No. 3,-from' $3000 to $4000 — the buildings are better than ordinary— large dwelling house and steam saw-mill on it in good order. Dr. Hardcastle thinks the property, No. 1, cheap at $4000 on the day of sale, now worth $5000 — lot No. 2, worth $3500 — lot No. 3, $4000. Thos.

Jones estimates it at from $10,000 to $11,000. George W. Kugler, at $12,800. From these estimates, take the minimum of Schuyler, $8000, and deducting the balance of the judgment lien $1400, and they furnish on the lowest value of the property $6600. There was no testimony to the contrary.

Horsey, the mortgagee, reports himself as the purchaser of all- this property, sold in three distinct parcels, to wit: the “Wyatt Farm” 145 acres, for $500 — the “Sylvester Farm” 97 acres, for $400 — the dwelling-house, with the saw-mill and premises, 6 acres, for $700 ; for the sum of $1600 in the aggregate. He also reports that the same property had been previously struck off to Robert Schuyler, at the respective