Beekman v. Gibbs
New York Court of Chancery
The bill in this cause was filed to foreclose a mortgage upon four lots, lying together, in the city of Rochester, on each of which lots there was a store. The ¡New-York Life Insurance and Trust Company were the first mortgagees, and had two separate mortgages, of |1500 each, on undivided moieties of the premises. The complainant was the second mortgagee of the whole premises, and there was about $1100 due on his mortgage.
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The bill in this cause was filed to foreclose a mortgage upon four lots, lying together, in the city of Rochester, on each of which lots there was a store. The ¡New-York Life Insurance and Trust Company were the first mortgagees, and had two separate mortgages, of |1500 each, on undivided moieties of the premises. The complainant was the second mortgagee of the whole premises, and there was about $1100 due on his mortgage. The defendants, Suydam, Sage & Co. were the third mortgagees of the whole premisees, for about $12000 ; all of which was due. The Trust Company having consented that the…
1Opinion of the Court
The Chancellor
decided, that on sales under decrees made subsequent to the act of May, 1840, to reduce the expense of foreclosing mortgages in the court of chancery, the surplus moneys arising upon the sale, beyond the amount of the complainant’s debt and costs, and of the pri- or liens upon the premises, could not be disposed of, or ordered to be distributed, until after the master’s report of the sale had been filed and such surplus moneys brought into court; that as judgment creditors, and others, who were not made parties to the suit, and whose liens or claims upon the mortgaged premises…
2Cited by5 opinions
- Kenney v. . ApgarNew York Court of Appeals · 1883
- Mutual Life Insurance v. BowenNew York Supreme Court · 1866
- Ellis v. SouthwellIllinois Supreme Court · 1863
- Barnes v. StoughtonNew York Supreme Court · 1877
- Bergen v. . CarmanNew York Court of Appeals · 1879