Banta v. Garmo
New York Court of Chancery
The bill was filed to foreclose a mortgage executed by Garmo to Banta, and for relief, if necessary, upon a prior mortgage. The facts shown by the pleadings and proofs were as follows : On the 12th of January, 1831, Garmo executed a mortgage to the County Clerk for $2100 with interest at six per cent. The money being called for, Garmo negotiated a loan for $2200 from Banta at seven per cent, in order to pay off the mortgage.
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The bill was filed to foreclose a mortgage executed by Garmo to Banta, and for relief, if necessary, upon a prior mortgage. The facts shown by the pleadings and proofs were as follows : On the 12th of January, 1831, Garmo executed a mortgage to the County Clerk for $2100 with interest at six per cent. The money being called for, Garmo negotiated a loan for $2200 from Banta at seven per cent, in order to pay off the mortgage. The loan was made, and on the 25th of July, 1838, Garmo gave to Banta the bond and mortgage in question, on the same lands which were included in the mortgage to the…
1Opinion of the Court
The Assistant Vice-Chancellor.
This is a case of great hardship on the part of the complainant, but it is not in the power of this cotirt to relieve him.
The money was borrowed by Garmo, to pay off the prior mortgage. In order to secure the loan, he executed a new mortgage, for a larger principal sum, and upon a different rate of interest. The money was paid in discharge of the first mortgage, with the express and avowed intention of cancelling it. The holder of it executed a satisfaction piece. Something intervened to prevent the satisfaction from being recorded and entered; but it was not…
2Cited by2 opinions
- Hyde v. TannerNew York Supreme Court · 1847
- Bridges v. CooperTennessee Supreme Court · 1897