New York Life Insurance v. Casey
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendant, John Casey, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of New York on the 9th day-of August, 1902, upon the decision of the court, rendered after a trial at the New York Special Term, directing a sale in foreclosure and adjudging said defendant liable for the deficiency arising on said sale.
Read the full summary
Appeal by the defendant, John Casey, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of New York on the 9th day-of August, 1902, upon the decision of the court, rendered after a trial at the New York Special Term, directing a sale in foreclosure and adjudging said defendant liable for the deficiency arising on said sale. John Casey on April 5, 1889, executed Lis bond to the plaintiff conditioned to pay to it the sum of $21,000, with interest at five per cent semi-annually, the principal to become due April 5,1892. This bond was…
1Opinion of the Court
O’Brien, J.:
There is no conflict of testimony or dispute about the facts nor doubt as to the law and yet the conclusion to be drawn as to whether or not what occurred with respect to dealing with' the bond and mortgage resulted in a discharge of Casey from all liability upon the bond, requires serious consideration.
It is agreed that, under the settled law of this State, when a mort*95gagor conveys the mortgaged premises subject to the mortgage, the land becomes the primary fund for the payment of the mortgage debt, and the mortgagor occupies the position of a surety to the. extent of the value…
2Cases cited6 opinions
- Calvo v. . DaviesNew York Court of Appeals · 1878
- Antisdel v. . WilliamsonNew York Court of Appeals · 1901
- Kane v. . CortesyNew York Court of Appeals · 1885
- Wakefield Bank v. TruesdellNew York Supreme Court · 1864
- Osborne v. HeywardAppellate Division of the Supreme Court of the State of New York · 1899
1 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Syracuse Trust Co. v. First Trust & Deposit Co.New York Supreme Court · 1931
- Reardon v. WoodNew York Supreme Court · 1931
- Magnus Beck Brewing Co. v. SetelNew York Supreme Court · 1927
- Little v. KirbyAppellate Division of the Supreme Court of the State of New York · 1915