Drake v. Cloonan

On the 1st day of April, 1880, Junius Ten Eyck was the owner of five promissory notes made by defendant Stephen J. Cloonan, payable to Ten Eyck or bearer, aggregating $700, and secured by mortgage on real estate. On that date he borrowed of Pomeroy Stiles $500, and gave his note, due on or before one year after date, *122for that amount, and delivered said notes and mortgage to Stiles, with the following memorandum:

“The mortgage hereto annexed, executed by Stephen J. Oloonan, is left with the within-named P. Stiles as security for this note, and, when this note is paid, the said mortgage and…