443.290. Mortgages and security agreements with power of sale. - Missouri Statutes

Mortgages and security agreements with power of sale.

443.290. All mortgages of real property or securityagreements providing for a security interest in personalproperty, or both, with powers of sale in the mortgagee orsecured party, and all sales made by such mortgagee, securedparty or his personal representatives, in pursuance of theprovisions of the mortgages or security agreements, shall bevalid and binding by the laws of this state upon the mortgagorsand debtors, and all persons claiming under them, and shallforever foreclose all right and equity of redemption of theproperty so sold. Nothing herein shall be construed to affect inany way the rights of a tenant to the growing and unharvestedcrops on lands foreclosed as aforesaid, to the extent of theinterest of the tenant under the terms of contract or leasebetween the tenant and the mortgagor or his personalrepresentatives.

(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.