Walters v. Cooper
Oregon Supreme Court
Prom Washington: James TJ. Campbell, Judge. In Bano. Statement Per Curiam. This is a cross-bill by Van Walters and Anna J. Walters to restrain the prosecution of an action at law, arising out of the following facts: On December 12, 1912, Walters purchased real estate from Cooper for $18,000. The premises were subject to mortgages of $4,000 and $900. Walters gave a third mortgage as a part of the purchase price.
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Prom Washington: James TJ. Campbell, Judge. In Bano. Statement Per Curiam. This is a cross-bill by Van Walters and Anna J. Walters to restrain the prosecution of an action at law, arising out of the following facts: On December 12, 1912, Walters purchased real estate from Cooper for $18,000. The premises were subject to mortgages of $4,000 and $900. Walters gave a third mortgage as a part of the purchase price. Walters sold to Dawson and wife, who assumed and agreed to pay the mortgage given by Walters to Cooper. Dawson and wife have sold to Hugh M. Shull, who now holds title. Cooper waived…
1Opinion of the Court
Opinion
2Per curiam
It is settled by the case of Page v. Ford, 65 Or. 450 (131 Pac. 1013, 45 L. R. A. (N. S.) 247), that a creditor holding a purchase-money mortgage may waive his security and recover upon the promissory note accompanying it. This right cannot be divested by an independent agreement between the debtor and a third person that such person will assume and pay the mortgage. The remedy of the original debtor under such circumstances is to sue his assignee for breach of the agreement, or in a proper case to ask to be subrogated to the rights of the original creditor in the mortgage.
The decree…
3Cases cited1 opinion
- Page v. FordOregon Supreme Court · 1913
4Cited by2 opinions
- Lutz v. Blackwell Et Ux.Oregon Supreme Court · 1928
- Wright v. WimberlyOregon Supreme Court · 1916