Scarlett v. . Hunter
Supreme Court of North Carolina
Cause removed from the Court of Equity of Mecklenburg County. On the 25th of July, 1849, the defendant entered into a penal bond for five hundred dollars, payable to the plaintiff, with the following condition attached : “ The above obligation is such that the said Hunter is to make a right and title to George Scarlett to thirty-four acres of land, whereon the said Scarlett now lives, joining the lands of Harvy Young and others, when the said Scarlett pays said Henry H.…
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Cause removed from the Court of Equity of Mecklenburg County. On the 25th of July, 1849, the defendant entered into a penal bond for five hundred dollars, payable to the plaintiff, with the following condition attached : “ The above obligation is such that the said Hunter is to make a right and title to George Scarlett to thirty-four acres of land, whereon the said Scarlett now lives, joining the lands of Harvy Young and others, when the said Scarlett pays said Henry H. Hunter the sum of sixty-eight dollars, with interest from the date — the money to be paid on the 25th of December, 1850 —…
1Opinion of the CourtRkaksoN, J.
In Equity, time is not of the essence of a contract for the payment of money. Upon this principle, after the day of payment according to a condition, is passed at law, this Court gives “ an equity of redemption ” and treats the property as security. The right of redemption is not affected by a failure to make payment; for the mortgagee may rest satisfied with his security as long as he chooses, and when he wants his money he may compel payment within a reasonable time, or foreclose the equity of redemption. Mere inaction by the parties will not raise a presumption of abandonment of the right…
2Cited by7 opinions
- Childress v. C. W. Myers Trading Post, Inc.Supreme Court of North Carolina · 1957
- Hardy v. . WardSupreme Court of North Carolina · 1909
- Councill v. . BaileySupreme Court of North Carolina · 1910
- Douglass v. BrooksSupreme Court of North Carolina · 1955
- Rexford v. Southern Woodland Co.District Court, D. South Carolina · 1913
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