Smith v. Colonial Woodworking Co.

The bill is to foreclose a $14,000 mortgage made by the defendant to one Joachimsthal and assigned by him to the complainant. The defendant counter-claims, that is, paid two mortgage debts for Joachimsthal and pleads the sum as a set-off.

Joachimsthal and the defendant agreed to exchange properties, and the agreement was consummated. The trade value of Joachimsthal's unencumbered property was fixed at $20,000; that of the defendant at $30,000, subject to mortgage encumbrances of $27,000 given to secure the defendant's bond. The $17,000 difference in Joachimsthal's favor was made up in part by…