Peaslee v. Evans

The statute relating to mortgages to secure future advances (P. S., c. 139, s. 3) does not require that money promised to be paid shall be advanced when the mortgage is given. If the event upon which the money is to be paid at a later date is fully agreed upon, a present mortgage to secure a note for the agreed sum is valid if the event afterwards occurs and payment is made as agreed. The statute does not apply to such a mortgage. Future payments are not always future advances. No one would think that a mortgage to protect a surety was invalid under this statute because the payments by the…