Stanley Matthews

“ He is in the position of a trustee to sell, and is, by a familiar maxim of equity, forbidden to purchase for his own use at his own sale. The same principle applies, with a like result, where real estate is conveyed by a debtor directly to a creditor as security for the payment of an obligation, with a power to sell in case of default. There the creditor is also a trustee to sell, and cannot purchase the property at his own sale for his own use. ”

“ The relation of a creditor secured by such a deed of trust to a sale made under a power given to a st.ranger as a power given to a stranger as of real estate sold under judicial proceedings for foreclosure by a decree of a court of equity. At such a sale nothing is more common than for the mortgagee to become the purchaser; and it is as beneficial to the debtor as to himself that he should be permitted to enhance the competition at such a sale in order to protect his own interests. ”

“ A default has been made by the debtor, and at the request of a part of the creditors he public auction to the highest bidder, without public auction to the highest bidder, with-out limit or condition, in order that the proceeds of the sale might be applied to the payment of the debt, to secure which the land had been conveyed in trust. ”