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STOUT V. LYE, 103 U. S. 66 (1880)

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U.S. Supreme Court

Stout v. Lye, 103 U.S. 66 (1880)

Stout v. Lye

103 U.S. 66

Syllabus

Pending proceedings in a state court by a national bank to foreclose a mortgage executed to it by A. and duly recorded, B., his creditor, recovered against him in the circuit court of the United States a judgment which, by the lex loci, was a lien on the equity of redemption. B. then filed his bill in the latter court against A. and the bank to set aside the mortgage as illegal, or to have certain alleged payments of usurious interest applied to reduce the debt. Shortly thereafter, the state court rendered a decree of foreclosure and sale, which the bank set up in its answer to the bill. The circuit court thereupon dismissed the bill.

Held:

1. That the state court having first acquired jurisdiction of the subject matter, its decree was a bar to the further prosecution of the suit against A. and the bank.

2. That A. represented all the parties who, pending the foreclosure proceedings, acquired through him an interest in or a charge on the mortgaged land, and that B., although not a party to them, is bound by the decree therein rendered.

The facts are stated in the opinion of the Court. chanroblesvirtualawlibrarychanroblesvirtualawlibrary

Page 103 U. S. 67





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