Henderson v. Weber

The opinion of the court was delivered by

Heher, J.

The question here is whether, in an action to recover the deficiency arising from the sale of mortgaged lands under a decree of foreclosure, the obligor on the bond may have credit for the fair market value of the security under chapter 82 of the laws of 1933 (Pamph. L., p. 172), notwithstanding that the bond and mortgage were made before the adoption of the statute. An answer asserting such right was struck out as “insufficient in law.”

This court has ruled that, as to pre-existing mortgages, the cited statute constituted an impairment of the…