Effective 28 Aug 1993

443.410. Foreclosures by trustee's sale — how made — redemption. — Deeds of trust in the nature of mortgages of lands may, in addition to being forecloseable by suit, be also foreclosed by trustee's sale at the option of the holder of the debt or obligation thereby secured and the mortgaged property sold by the trustee or his successor in the same manner and in all respects as in case of mortgages with power of sale; and all real estate which may be sold under any such power of sale in a mortgage deed of trust hereafter made and which at such sale shall be brought in by the holder of such debt or obligation or by any other person for such holder shall be subject to redemption by the grantor in such mortgage deed of trust or his heirs, devisees, executors, administrators, grantees or assigns at any time within one year from the date of the sale; provided, however, that such person so entitled to redeem shall give written notice at the sale or within ten days before the date advertised for the sale to the person making or who is to make the sale of the purpose to redeem if the sale and purchase are so made; and provided further, the said grantor, his representatives, grantees or assigns to make the redemption shall within the year pay the debt and interest or other obligation secured by such deed of trust and to accrue thereon together with all sums paid out by any holder thereof or purchaser at such sale or holder of the rights of such purchaser for interest and principal and either of any prior encumbrances, and for taxes and assessments and all legal charges and costs of the sale.

­­--------

(RSMo 1939 § 3450, A.L. 1993 H.B. 105 & 480)

Prior revisions: 1929 § 3063; 1919 § 2222; 1909 § 2829

(1958) Redemption statutes do not constitute the exclusive remedy of a mortgagor; in proper cases equity will enforce the right of redemption independent of and outside the statutes. Fitzpatrick v. Federer (Mo.), 315 S.W.2d 826.

(1959) Where trial court denied petition to redeem from foreclosure and appeal was not heard or decided within year and during such year owner of equity of redemption did not pay or offer to pay the debt secured by the mortgage, the case became moot and the right of redemption was lost. Euclid Terrace Corp. v. Golterman Enterprises, Inc. (A.), 327 S.W.2d 542.

(1962) Where mortgaged premises were damaged by fire prior to foreclosure sale at which mortgagee purchased premises at full amount of the outstanding indebtedness, mortgagor was entitled to the insurance proceeds as the purchase constituted payment and extinguished the debt. Northwestern National Insurance Co. v. Mildenberger (A.), 359 S.W.2d 380.

(1968) Where purchaser of property sold under foreclosed deed of trust purchased property for himself and not for or on behalf of debt holder, mortgagor did not have a cause of action for redemption. Dickey v. Barnes (A.), 427 S.W.2d 732.

(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.