In the case of Gregg v. Metropolitan Trust Company in 1904, the U.S Supreme Court ruled on a dispute involving land ownership and mortgage payments. The plaintiff, Mr. Gregg, had purchased property from Mrs. Smith who held a mortgage with the defendant company but failed to disclose this information during their transaction. When Mrs. Smith defaulted on her loan payment, the trust company foreclosed on its lien against her property which was now owned by Mr.Gregg without his knowledge of any existing liens or mortgages. The court decided that despite not being aware of these circumstances at purchase time, it did not exempt him from liability as he should have conducted due diligence before acquiring such assets; thus ruling in favor of Metropolitan Trust Company's right to foreclosure based upon non-payment by original debtor (Mrs.Smith). This decision reinforced an important principle regarding real estate transactions: buyers must exercise caution and thoroughness when purchasing properties to avoid potential legal complications arising from undisclosed debts or obligations tied to those properties.

In the dissenting opinion for Gregg v. Metropolitan Trust Company, it was argued that the majority's decision to uphold a lower court ruling in favor of Metropolitan Trust Company was incorrect. The dissenting justices believed that Mr. Gregg should have been allowed to recover his property from the trust company because he had not knowingly or willingly forfeited his rights to it when he declared bankruptcy. They contended that since Mr. Gregg did not fully understand what declaring bankruptcy entailed and did not receive proper legal counsel at the time, he could not be held accountable for any actions taken as a result of this lack of understanding or advice. Therefore, they felt that justice would best be served by allowing him to reclaim his property rather than letting it remain with the trust company who acquired it through foreclosure proceedings after Mr.Gregg's declaration of bankruptcy.