In re Coster
New York Court of Chancery
THE petitioner stated, that on the 18th of April last, he purchased the building called Washington Hall, under a decree of this Court. That Isaac Sebring, and four other persons, as trustees of the stockholders of the said hall, mortgaged the premises to Henry A. Coster, to secure the payment of a bond executed by the said Isaac Sebring, for the payment of 25,000 dollars. That the trustees mortgaged the premises to John Van Vechten, for the use and indemnity of Sebring.
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THE petitioner stated, that on the 18th of April last, he purchased the building called Washington Hall, under a decree of this Court. That Isaac Sebring, and four other persons, as trustees of the stockholders of the said hall, mortgaged the premises to Henry A. Coster, to secure the payment of a bond executed by the said Isaac Sebring, for the payment of 25,000 dollars. That the trustees mortgaged the premises to John Van Vechten, for the use and indemnity of Sebring. That the premises were sold under a bill and decree, in favor of the said Van Vechten and Sebring, in which suit Henry A.…
1Opinion of the Court
The Chancellor.
The obligor, having discharged his bond, is entitled to have it delivered up and cancelled. Neither the obligee, nor any other person, is entitled to retain it, for their convenience, without his assent. As there is no objection by the mortgagee to the assignment of the mortgage, the petitioner may take it; but the bond must be delivered up to the obligor, to whom it now belongs; and, if it had been insisted, the mortgage must have, also, been delivered up to him. A third person, discharging a bond and mortgage for his own safety, may be substituted, but when the maker…
2Cited by1 opinion
- Barnard v. . OnderdonkNew York Court of Appeals · 1885