Holden v. Gilbert
New York Court of Chancery
This case came before the court upon a bill of foreclosure taken as confessed against the defendant, for a final decree upon the master’s report of the amount due ; and several questions were raised as to the construction of the bond and mortgage, relative to the payments of principal and interest and as to how much had become due.
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This case came before the court upon a bill of foreclosure taken as confessed against the defendant, for a final decree upon the master’s report of the amount due ; and several questions were raised as to the construction of the bond and mortgage, relative to the payments of principal and interest and as to how much had become due. A petition was also presented, on the part of the defendant, for leave to offset a judgment which he had purchased subsequent to the filing of the bill, against the complainant and another person for whom the complainant was surety; and also for leave to offset…
1Opinion of the Court
The Chancellor.
The master was clearly right in the conclusion at which he arrived, on the reference, that only one instalment of $1000, and the interest on that instalment, has become due. The provision in the power of sale, giving the right to advertise and sell after a default for thirty days in paying the instalments and interest, and the authority, in case of such sale, to retain the whole principal, and interest due and to become due, do not change the construction of the mortgage as to the time when the payments are to become payable, so as to authorize a suit upon the bond, or a…
2Cited by15 opinions
- Olcott v. BynumSupreme Court of the United States · 1873
- Perry v. PyeMassachusetts Supreme Judicial Court · 1913
- Bunce v. ReedNew York Supreme Court · 1853
- Grape Creek Coal Co. v. Farmers' Loan & Trust Co.Court of Appeals for the Seventh Circuit · 1894
- McLean v. Presley's Adm'rSupreme Court of Alabama · 1876
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