The Law of Mortgage; As Applied to the Redemption, Foreclosure and Sale in Equity of Incumbered Property; With the Law of the Priority of Incumbrancers

The Law of Mortgage; As Applied to the Redemption, Foreclosure and Sale in Equity of Incumbered Property; With the Law of the Priority of Incumbrancers

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1857 edition. Excerpt: ...trust for sale, and payment of the residue to A., and then sold to D., who, before completing his purchase paid ofi' B.; and A. declared, that until execution of the assignment to D., he should stand in B.'s place and have the benefit of her security; it was held(z) that O. might foreclose against A. and D. (the latter being adjudged 388 to be entitled to the benefit of B's security, ) in default of pay---l ment of both his securities. Here all the interests in the personalty were of necessity equitable, but the rule was put into operation in favour of a puisne, and against a prior incumbrance, on that fund. It might, however, have been otherwise, if the prior iueumbrancer had been in the position of a legal mortgagee. 691. It should be here noticed, that this right to hold several securities depends upon a principle altogether different from that upon which the doctrine of tacking, properly so called, is founded; although the circumstance that the union of two or more securities is common to both, has caused it to be treated in argument, and elsewhere, as a branch of that doctrine. In tacking, the right is to throw several debts, (a) one or more of which are either lent upon inferior securities on the same estate, or are mere specialty debts, upon the protection of the legal estate 631, ) the dominion over which is the very foundation of the right (633,8 but the right which We have been considering depends upon the equitable principle that he who seeks the aid of the court must do equity himself, -and it enables a mortgagee to unite, and to hold united, securities on dzferent estates until payment of the debts charged on both of thcm--to make one estate liable for a debt specifically charged on another (682) To give a right...show more

Product details

  • Paperback | 252 pages
  • 189 x 246 x 13mm | 458g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236880846
  • 9781236880840