674. Effect of dismissal of redemption claim.

674.     Effect of dismissal of redemption claim.

Dismissal for any cause, except want of prosecution1, of a claim for the redemption of a legal mortgage, is equivalent to a final order of foreclosure against the claimant2. In the case of successive mortgages, if the mortgagor is the claimant the effect of excluding his interest is that the last of the incumbrancers becomes quasi-mortgagor, the prior mortgagees ranking according to their priorities3. The dismissal forecloses not only the mortgagor and his successors in title, but also a person who has purchased the equity of