Phœnix Mutual Life Insurance v. Arbuckle

The appellants regarded the conveyance of the mortgaged premises to Lehman subject to the indebtedness secured by the mortgage as a satisfaction of such indebtedness to the extent only of the value of such premises. The appellee insisted that it's legal operation was to satisfy and fully discharge the entire indebtedness without regard to the value of the property.

Under the advice of counsel, learned in the law and authorized to practice in the courts, the appellants proceeded to take judgment by confession to issue execution thereon, and to cause the same to be levied upon appellee’s…