The Law of Mortgages, of Real and Personal Property

The Law of Mortgages, of Real and Personal Property

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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. 1872 edition. Excerpt: ...the for mer is under obligation to exhaust first the fund upon which he has an exclusive lien, before he can resort to the other." 2 (a) "It is nothing more than the obvious duty so to use one's own as not to injure another. If the paramount creditor resorts to the doubly charged fund or property, the junior creditor will be substituted to his rights, and will be satisfied out of the other fund to the extent towhich his own may have been exhausted. This is an equity against the debtor himself, that the accidental resort of the paramount creditor to the fund doubly inoumbered, shall not enable him to get back the other fund discharged of both debts. And being an equity against the debtor, it is of course equally such against his subsequent judgment creditors, who have no greater rights than their debtor had at the time their judgments were entered."3 A payment by some of several joint guarantors is a payment by all; and, if a mortgage has been given to secure them against a several liability, the non-paying mortgagees will in equity be trustees for the payers. Dye v. Mann, 10 M.ich. 291. A surety secured by mortgage has nothing which he can assign, and no cause of action, except after and in so far as he has been damnified. Hall v. Cushmau, 16 N. H. 462. The defendant signed a note for $60, with A., as surety, and took from A. a mortgage to indemnify him. A. was afterwards obliged to pay the note, and thereupon brought suit on the mortgage against B., A.'s vendee. The costs were $135, when the defendant finally recovered judgment, and took his writ of possession, containing an execution for costs against B. He was put in possession, but collected no costs from B. Before judgment, B. had conveyed to more

Product details

  • Paperback | 308 pages
  • 189 x 246 x 17mm | 553g
  • United States
  • English
  • black & white illustrations
  • 123692536X
  • 9781236925367