The Miscellaneous Reports Volume . 70

The Miscellaneous Reports Volume . 70

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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. 1911 edition. Excerpt: ... the mortgage, and he became simply a surety. The payment of the amount due to the Citizens' Trust Company by Snyder and Madamsky on February 21, 1907, cancelled his obligation on the bond. Brewer v. Staples, 3 Sandf. Ch. 579. And, so far as the record goes, Schneider in paying this note of July 6, 1907, the note which fell due on that day, by his check, was in the position of a st-ranger paying the debt of another. Under such circumstances he acquired no right in and under the mortgage and could give none to the bank. Wilkes v. Harper, 1 N. Y. 586. Nothing appears in the record to show what the arrangements were between Schneider and Snyder and Madamsky. There is not anything in the record that clearly shows that the $2,000 note was necessarily connected with the $5,000 payment. And the record totally fails to show that the note of June 21, 1907, was paid off, even in part, out of funds made available_by the discount of the $2,000 note. The plaintiff has failed to sustain the burden of proof as to this point. It appears that there were various renewals by Schneider of his $2,000 note, the last one being for $1,700; but the question of the validity of this mortgage security hinges entirely on the transaction of July 6, 1907. As a question of fact I find that the payment made on July 6, 1907, by David Schneider was a voluntary payment from his own funds of the note coming due on that day. The note being actually paid, the mortgage held as collateral security for said payment must be considered as discharged and satisfied. Judgment for the defendants on the merits dismissing the complaint. (City Court of the City of New York, Trial Term, January, 1911.) New trial--Grounds--Verdict or findings cpntrary to law or evidence--Inadequate...show more

Product details

  • Paperback
  • 189 x 246 x 14mm | 481g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236803604
  • 9781236803603