Eagle Fire Insurance v. Pell
New York Court of Chancery
The complainants had filed their bill to foreclose the equity of redemption in two mortgages, given to them by the defendant, Ferris Pell, on several parcels of property and for a sale of the same. The amount of principal and interest reported due was thirty-two thousand two hundred and seven dollars and seventy-six cents.
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The complainants had filed their bill to foreclose the equity of redemption in two mortgages, given to them by the defendant, Ferris Pell, on several parcels of property and for a sale of the same. The amount of principal and interest reported due was thirty-two thousand two hundred and seven dollars and seventy-six cents. On the twenty-first day of January one thousand eight hundred and thirty-one, the usual decree for a sale of the mortgaged premises or so much thereof as should be sufficient to raise the amount due to the complainants for principal, interest and costs was had and out of…
1Opinion of the Court
The Vice-Chancellor:
So far as the testimony taken before the master goes to explain the transaction and the object of the complainants in taking the bond and mortgage of Alfred S. Pell for the one thousand eight hundred dollars, it appears not to have been considered a loan of money made to him, but an advance from necessity, to protect their original mortgage security, they applying the money themselves to the payment of the demands upon the property by the corporation and ex abundanti cautela taking Alfred S. Pell’s bond and mortgage in order to bind him personally for the amount, at the…
2Cited by8 opinions
- Sidenberg v. . ElyNew York Court of Appeals · 1882
- Equitable Trust Co. of New York v. KelseyMassachusetts Supreme Judicial Court · 1911
- Hutchinson v. SwartswellerNew Jersey Court of Chancery · 1879
- Schoenheit v. NelsonNebraska Supreme Court · 1884
- Brevoort v. RandolphNew York Supreme Court · 1853
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