Chapman v. Jenkins
New York Supreme Court
APPEAL from a judgment of the- Madison county court, reversing a judgment of a justice’s court. The plaintiffs ■ sued to recover the value of a horse, which one Michael B. Hutchins had mortgaged to them, to secure them as his indorsers on a bank note for $150, dated November 9, 1855, which horse the defendant had caused to be taken and sold on an execution in favor of himself and partner, against said Hutchins and partner, and which was bid in by him and converted to his own…
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APPEAL from a judgment of the- Madison county court, reversing a judgment of a justice’s court. The plaintiffs ■ sued to recover the value of a horse, which one Michael B. Hutchins had mortgaged to them, to secure them as his indorsers on a bank note for $150, dated November 9, 1855, which horse the defendant had caused to be taken and sold on an execution in favor of himself and partner, against said Hutchins and partner, and which was bid in by him and converted to his own use. The defendant denied generally the allegations of the complaint, and set up the judgment and execution, and a sale…
1Opinion of the Court
By the Court, Pratt, J.
Ho question was raised upon the trial before the justice, or upon the argument, that the mortgage was not valid as against creditors. The simple question for examination is whether it was discharged by the payment of the original note with the proceeds of the new note. If the new note had been discounted by the same bank that held the old one, it is clear, upon abundant authority, that the mortgage would not be discharged. When new securities are given for the mortgage debt, the mortgage will not be deemed discharged, unless there be an express agreement to that…
2Cases cited6 opinions
- Gregory v. ThomasNew York Supreme Court · 1838
- Rogers v. Trader's InsuranceNew York Court of Chancery · 1837
- Cullum v. Branch BankSupreme Court of Alabama · 1853
- Dunshee v. ParmeleeSupreme Court of Vermont · 1847
- New-Hampshire Bank v. WillardSuperior Court of New Hampshire · 1839
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- National Bank of Newburgh v. . BiglerNew York Court of Appeals · 1880