Crumbaugh v. Smock
Indiana Supreme Court
ERROR to the Marion Circuit Court. — This was a suit in equity by Smock v. Crumbaugh. The bill charges that the defendant, having the agent’s certificate for a lot in Indianapolis on which part of the purchase-money had been paid, applied to the complainant to borrow 200 dollars, and, to secure the payment, proposed to assign his right in the lot to the complainant; — that the complainant lent the defendant the money, took an assignment of the certificate to secure the…
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ERROR to the Marion Circuit Court. — This was a suit in equity by Smock v. Crumbaugh. The bill charges that the defendant, having the agent’s certificate for a lot in Indianapolis on which part of the purchase-money had been paid, applied to the complainant to borrow 200 dollars, and, to secure the payment, proposed to assign his right in the lot to the complainant; — that the complainant lent the defendant the money, took an assignment of the certificate to secure the payment, and, on the same day, gave the defendant a separate bond binding himself to re-assign the certificate on payment of…
1Opinion of the CourtScott, J.
It is alleged in objection to this decree, that the relief prayed for existed at law and not in equity; and that the-.prayer for general relief did not authorize a decree for a sale; *306of the mortgaged premises. The transaction in question may be considered as a conditional transfer of the defendant’s estate, become absolute on failure of payment of the 200 dollars and interest; or it may be considered in the nature of a mortgage— a mere security for the payment of the borrowed money. Add. R. 357. The complainant considered it as a security in the nature of a mortgage, and set it out so in his…
Also in this document: Per curiam.
2Cited by2 opinions
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