Brown v. Wilbur
New York Supreme Court
This was an action of ejectment, tried at the Otsego circuit before the Hon. Robert Monell, one of the circuit judges. The plaintiff claimed to recover the premises in question under a loan-office sale.
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This was an action of ejectment, tried at the Otsego circuit before the Hon. Robert Monell, one of the circuit judges. The plaintiff claimed to recover the premises in question under a loan-office sale. On 1st .May, .1810, one Horace Coleman executed a mortgage to the commissioners of loans of the county of Otsego, of an undivided half of a certain lot containing 229 acres, to secure the payment of $77, with the interest thereof annually, containing the usual clause inserted in loan office mortgages, that on failure of payment at the days specified, and for 22 days thereafter, the mortgagor…
1Opinion of the CourtBy the Court Nelson, J.
The 15th section of the act authorizing a loan of money to the citizens of this state, passed the 11th April, 1808, sess. 31, p. 397, provides that if the borrower shall neglect for 22 days after the first Tuesday in May in each year, to pay the yearly interest due on the mortgage, and the principal when demanded, then, in either case, the commissioners shall be seised of an absolute indefeasible estate in the lands mortgaged to the uses in said act mentioned, and the mortgagor, his heirs or assigns, shall be utterly foreclosed and barred of all equity of redemption of the mortgaged premises,…
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