Mulligan v. Amo

As this court held in Mulligan v. McQuaid (206 App. Div. 653), at the time when Mary Ann McQuaid had title to the premises,. *499she held it as trustee for Rose Mulligan to the extent of the amount unpaid to Rose Mulligan on the Parry mortgage. When Mary Ann McQuaid mortgaged the property for 13,500, and then conveyed the equity to the Campbells, she breached that trust.

At that time Rose Mulligan had the choice of two remedies. She could follow the trust res into the hands of the mortgagees and purchasers, provided they took with notice of the trust, or she could follow the substitute for the…