Phillips v. Thompson
New York Court of Chancery
[ * 419 ] THE bill stated that David Reed, being indebted to the plaintiff, assigned to him, on the 12th of March, 1814, as security for the debt, a bond and mortgage of O. W. Van Twyl, to Reed, dated the 1st of January, 1813, for 1,000 dollars. That when the plaintiff took the assignment, he supposed the premises free from all encumbrances.
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[ * 419 ] THE bill stated that David Reed, being indebted to the plaintiff, assigned to him, on the 12th of March, 1814, as security for the debt, a bond and mortgage of O. W. Van Twyl, to Reed, dated the 1st of January, 1813, for 1,000 dollars. That when the plaintiff took the assignment, he supposed the premises free from all encumbrances. That he had since discovered that Reed gave a judgment bond *(on which judgment was entered the 2d of July, 1812, in the Supreme Court.,) for 4,000 dollars, to Deforest and Osborn, to indemnify them as endorsers of a note made by him for 4,000 dollars,…
1Opinion of the Court
The Chancellor.
There are two points to be considered in this case:—
1. Whether the judgment assigned to the defendant was, at the time, a valid and subsisting judgment, which he was entitled, in equity, to enforce. And, if so, then,
2. To what extent was he entitled to use it, and how far is it to be considered as satisfied by sales under it.
[ * 421 ]
*421[ * 422 ]
*4191. The judgment was given, as Deforest states, for the indemnity of Deforest and Osborn, as endorsers for David Reed, on a note for 4,000 dollars, given by him to Isaac Bronson. The note was repeatedly renewed with the *same endorsers, and…
2Cited by17 opinions
- Keller v. AshfordSupreme Court of the United States · 1890
- Homer v. Savings BankSupreme Court of Connecticut · 1829
- Devol v. McIntoshIndiana Supreme Court · 1864
- Durham v. CraigIndiana Supreme Court · 1881
- In re JaycoxDistrict Court, N.D. New York · 1873
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