Giles v. Lewis
Court of Chancery of Delaware
On June 30th, 1867, the interest for one year, and the first installment of the principal became due ; and being unpaid, the plaintiff alleged that the estate mortgaged to him became absolute ; that the mortgaged premises were but scanty and precarious security, and that he was .without remedy at law.
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On June 30th, 1867, the interest for one year, and the first installment of the principal became due ; and being unpaid, the plaintiff alleged that the estate mortgaged to him became absolute ; that the mortgaged premises were but scanty and precarious security, and that he was .without remedy at law. The answer admitted the liability and default, but deniéd that, upon the non-payment of the installment, the estate became absolute in the mortgagee ; alleged that no time was fixed in the mortgage, at which, upon failure of the payment of any installment, or interest, any forfeiture of the…
1Opinion of the Court
The Court of Chancery has jurisdiction of a bill for the foreclosure of a mortgage on default in the payment of one installment, and will order the sale of the mortgaged premises before the entire principal falls due.
Bill in Equity.—This bill was filed to obtain foreclosure of a mortgage for $6,500, payable with interest, in six equal payments, in one, two, three, four, fivfe and six years, respectively, from date. The mortgage was given for part of the purchase money of real estate, and was dated- June 30th, 1866 : it was without any defaulting clause.
The bill prayed for a decree for the…
2Cited by2 opinions
- Hotel Management Co. v. KricklSupreme Court of Florida · 1934
- Walker v. CaldwellCourt of Chancery of Delaware · 1896