Sale v. Meletus
District Court, D. Alaska
This is a suit to foreclose a mortgage dated October 23, 1905. It purports to secure an indebtedness of $7,500, payable as hereinafter stated, with interest at 12 per centum per annum after default in payment of the mortgage debt.
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This is a suit to foreclose a mortgage dated October 23, 1905. It purports to secure an indebtedness of $7,500, payable as hereinafter stated, with interest at 12 per centum per annum after default in payment of the mortgage debt. The complaint alleges (1) the delivery of the mortgage on its date, October 23, 1905, and recites (2) the covenant of the mortgage, whereby the said defendants Constantine Meletus and L. C. Meletus agreed to pay the said mortgage debt of $7,500 when and as soon as the mortgaged premises, or any part thereof, were sold by the said mortgagors, or either of them, such…
1Opinion of the Court
MOORE, District Judge.
The grounds of the motion together amount to the assertion that the plaintiff has not established by his evidence a right of action under the terms and conditions of the .mortgage. The plaintiff rests his right of action on the theory that the foregoing agreement constituted a sale of the mortgaged property, and that Constantine Meletus received part of the stipulated price therefor from the Pitts-burg-Dick Creek Mining Company of Alaska, pursuant to the agreement. Is the agreement, then, to be construed, in accordance with this theory, as a sale, or, what is the same,…
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