New Jersey Equity Reports Volume 23

New Jersey Equity Reports Volume 23

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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. 1873 edition. Excerpt: ...to Tichenor was given to secure the bond of Nathan for $3500, given in part payment of a debt of $4000, which he owed to Tichenor. This was the only consideration. Nothing was paid at the time, and no security was given up or surrendered. The conveyance to Margaret Mingus is as to her clearly void as against the complainant, and all other-creditors of Nathan Mingus. The question is whether the mortgage by her to Tichenor is not within the protection of the sixth section of the statute of frauds. There is not sufficient evidence to show that Tichenor knew of the fraud in the conveyance of Nathan to his mother; the allegations of the bill in that respect are not sustained. He must be considered as a mortgagee in good faith. The only question is whether a mortgage taken as this was to secure a precedent debt, without giving up any security, is upon good consideration within the intent and object of that section. This section has been construed as if intended to protect only such bona fide purchasers as would have been injured by the stringent provisions of the second and third sections, and only such as would otherwise have been injured. And it has, therefore, been held that a deed or mortgage to a bona /ide purchaser or mortgagee for which the only consideration is the payment of a previous debt, is not within the protection of this section. Such purchaser or mortgagee would be left in the same situation'as before. Such is the doctrine held in Root v. French, 13 lVend. 570; Morse v. Godfrey, 3 Story 389; Dickerson v. Tiltinghast, 4 Paige 215; Padgett v. Lawrence, 10 Paige 170; Jessup v. Hake, 29 Barb. 540; lllanhattan Co. v. Evertson, 6 Paige 457. In the case of Allaire v. Ifartshorne, 1 Zab. 665, the opinion of the court declaring that as...show more

Product details

  • Paperback | 204 pages
  • 189 x 246 x 11mm | 372g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236950305
  • 9781236950307