Seward v. . Huntington
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the fourth judicial department, entered upon an order made December 30, 1881, which affirmed a judgment in favor of plaintiffs, entered upon the decision of the court on trial at Special Term.
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Appeal from judgment of the General Term of the Supreme Court, in the fourth judicial department, entered upon an order made December 30, 1881, which affirmed a judgment in favor of plaintiffs, entered upon the decision of the court on trial at Special Term. (Reported below, 26 Hun, 217.) This action was brought to foreclose a mortgage executed by defendants Jones and wife to the plaintiff Seward, as trustee, etc., given, as stated therein, “ as a security for the payment of the sum of $25,000, according to the terms and conditions expressed in certain articles of agreement and decía ration…
1Opinion of the Court
Ruger, Ch. J.
In the application to this case of the principle, that creditors and sureties are mutually entitled to be subrogated to the rights which either possess in any securities contributed by the debtor as an indemnity to such party or for the discharge of such indebtedness, the court below, we think, erred through a misconception of the meaning and object of the agreement out of which the mortgage in suit arose.
The mortgage sought to be foreclosed was executed by Ezra Jones and Catherine D., his wife, to William P. Seward, trustee. The names of the proposed beneficiaries, do not appear…
2Cases cited4 opinions
- Lawrence v. . FoxNew York Court of Appeals · 1859
- Garnsey v. . RogersNew York Court of Appeals · 1872
- Pardee v. . TreatNew York Court of Appeals · 1880
- Root v. . WrightNew York Court of Appeals · 1881
3Cited by9 opinions
- Slattery v. . SchwanneckeNew York Court of Appeals · 1890
- Ireland v. United States Mortgage & Trust Co.Appellate Division of the Supreme Court of the State of New York · 1902
- Pfluger v. WilshusenNew York Court of Common Pleas · 1892
- W. F. Shawver Sons Co. v. Board of EducationWest Virginia Supreme Court · 1936
- Crippen v. CrippenNew York Supreme Court · 1889
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