Eleventh Ward Savings Bank v. Hay
New York Court of Common Pleas
I. Ik these three cases the mortgages, bonds and decrees, and all subsequent proceedings, stand upon an exact equality as respects all the parties and the subject-matter of the suit. II. The petitioner, besides being a purchaser, is adjudged liable to pay any deficiency arising on the sale, by reason of his having guaranteed the payment of the bonds and mortgages. III.
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I. Ik these three cases the mortgages, bonds and decrees, and all subsequent proceedings, stand upon an exact equality as respects all the parties and the subject-matter of the suit. II. The petitioner, besides being a purchaser, is adjudged liable to pay any deficiency arising on the sale, by reason of his having guaranteed the payment of the bonds and mortgages. III. The purchaser was compelled to buy in under the second and third sale to save complications with other possible purchasers. IY. The referee instead of selling under all three judg- . ments at the same time, sold under them…
1Opinion of the CourtVau Hoesew, J.
Hay, bought a piece of land, and to secure the payment of a part of the purchase-money, gave three mortgages of the same date and amount, which were all payable at the same time, and all filed for record at the same instant. Three mortgages were made, because there were three venders of the land, every one of whom chose to have a security, which he could sell at his own pleasure without consulting other persons, and the interest upon which he could collect for himself without being at the trouble of a division with the other two mortgagees. The three mortgages were liens of equal rank in all…
2Cases cited1 opinion
- Barnes v. MottNew York Court of Common Pleas · 1875