Brown v. . Turner

An agreement by tbe purchaser of an equity of redemption with bis vendor that be will assume and pay tbe mortgage debt will render him personally liable, not only to bis grantor but also to tbe bolder of tbe mortgage. As between themselves tbe purchaser is regarded as tbe principal debtor and tbe grantor as surety, and tbe mortgagee’s right to' maintain an action upon this agreement rests upon tbe ground that tbe contract of tbe purchaser is a collateral stipulation obtained by tbe mortgagor, which by equitable subrogation inures to tbe benefit of tbe mortgagee. Tbe mortgagee is entitled to…