Foreclositee

A closing up, shutting out,' barring, preclusion. 1. Specifically, the extinguishment of a mortgagor's equity of redemption beyond possibility of recall.' A mortgage is foreclosed in the sense that no one has the right to redeem it, or to call the mortgagee to account under it. 8 In no sense can the term be applied to a mortgage until sale of the property has been effected.' ' Story, Bailra. § 25. ' United States v. Bachelder, 2 GaU. 19 (1814), Stoiy, J. See 115 Mass. B63. = State V. Blake, 39 Me. 324 (1855). < 3 Bl. Com. 118. » Exp. Siebold, 100 U. S. 395 (1879), Bradley, J. • Fischer v. Hope, &c. Ins. Co., 40 N. T. Super. 399 (1876). ' [2 Bl. Com. 159. Foreclosure takes place where a mortgagor has forfeited his estate by non-payment of money due upon the mortgage, but still retains his equity of redemption. In that case, the mortgagee may file a bill of foreclosure to compel the debtor to redeem his estate presently (as, within six months), or, in default, to be forever closed or barred from the right. This is known as strict foreclosure. In Indiana, Kentucky, Maryland, New York, South Carolina, Tennessee, Virginiai and other States, the mortgagee obtains a decree for a sale of the land, the proceeds to be applied to satisfying incumbrances in the order of their priority.' A suit to foreclose a mortgage, not seeking a personal judgment, is essentially a proceeding in rem.' See Mortgage; Redemption. 3. Also applied to the suit by a pledgee to extinguish the pledgor's right to redeem the personalty, after default made; and to proceedings to collect charges or liens upon other specific property, as, a foreclosure of a mechanic's lien.