Section 8-1-172Mortgage taken in good faith on real estate of insane person not void.
(a) When any person shall in good faith take a mortgage on real estate from an insane person without notice of such insanity, such mortgage deed shall not be void; but such insane person may redeem the property so mortgaged at any time prior to a foreclosure by paying to the mortgagee the amount actually received by the insane person at the time of executing the mortgage, or any balance due thereon, with interest thereon to the date of redemption.
(b) If the mortgage shall have been foreclosed, such insane person may redeem from the vendee at such foreclosure sale, or those claiming under him, at any time within one year thereafter, by paying to such vendee, or those claiming under him, the amount which the vendee at the mortgage foreclosure sale actually paid at such sale for the property, with interest thereon at the rate of eight percent per annum to the date of redemption, together with all lawful charges as provided for the redemption of property under Section 6-5-235.
(Code 1923, §6823; Code 1940, T. 9, §42.)
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