Underhill v. Atwater
New Jersey Court of Chancery
This suit was for the foreclosure of a mortgage given by the defendants, William Atwater and Margaret his wife, upon the premises of Margaret, to Gaston Lemercier, for $8000; this was assigned by Lemercier to the complainant.
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This suit was for the foreclosure of a mortgage given by the defendants, William Atwater and Margaret his wife, upon the premises of Margaret, to Gaston Lemercier, for $8000; this was assigned by Lemercier to the complainant. The defendants claim that this mortgage was given without consideration to them, but to accommodate James B. Atwater, as collateral security for a loan made by Lemercier to him, and that this loan was paid and satisfied by J. B. Atwater to Lemercier before he assigned the mortgage to the complainant.
1Opinion of the Court
The Chancellor.
The defendant, William Atwater, was engaged in mercantile business in New York, and in November, 1866, being embarrassed, assigned all his business and effects to Gaston *18Lemercier, for the benefit of his creditors. In February, 1867, Lemercier sold and transferred the whole of the property, with the store and business, to James B. Atwater, the brother of William; James paid the full consideration of the sale and became the legal owner of the property. He continued to hold it, and continued the business in the store until March 5th, 1868, when he sold the stock, business, and…
2Cited by1 opinion
- Liebers v. Plainfield, C., Building Co.New Jersey Court of Chancery · 1931