Johnson v. Williams
Supreme Court of Minnesota
ERROR TO DISTRICT COURT OE RAMSEY COUNTY. This was an application to set aside a sale made by the Sheriff of Bamsey county, under a power of sale contained in a mortgage. Default having been made in the conditions of the mortgage, the same was foreclosed by advertisement under the Statute. The mortgage was dated May 12,1857, and was given upon the “ Southerly forty-five acres from the W. hf of N. E. qr. of Sec. 30,” etc., etc.
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ERROR TO DISTRICT COURT OE RAMSEY COUNTY. This was an application to set aside a sale made by the Sheriff of Bamsey county, under a power of sale contained in a mortgage. Default having been made in the conditions of the mortgage, the same was foreclosed by advertisement under the Statute. The mortgage was dated May 12,1857, and was given upon the “ Southerly forty-five acres from the W. hf of N. E. qr. of Sec. 30,” etc., etc. Subsequent to the date of the mortgage, the mortgagor conveyed to the Plaintiff" and to one Eastman Johnson, three separate parcels of this tract, for adequate…
1Opinion of the Court
Elandrau. J.
By the Court. All the right that a mortgagee of land has in the mortgaged premises is to subject them to the payment of his debt. The mortgage is but an incident to the debt, for which the land stands as a pledge, or security. The mortgagee has but a chattel interest measured by the amount of the debt. 1 Hilliard on Mortgages 215-16. *267When the debt is paid tbe mortgage is cancelled. Tbe mortgagee is regarded in many respects as the trustee of tbe mortgagor’s rights, subject to tbe security, and as such has no right to speculate with tbe lands, but must observe tbe utmost good faith…
2Cases cited4 opinions
- Stuyvesant v. HallNew York Court of Chancery · 1847
- Patty v. PeaseNew York Court of Chancery · 1840
- Schryver v. TellerNew York Court of Chancery · 1841
- Kellogg v. RandNew York Court of Chancery · 1844
3Cited by3 opinions
- Clark v. KrakerSupreme Court of Minnesota · 1892
- Hill v. HowellNew Jersey Court of Chancery · 1882
- Richards v. SpicerSupreme Court of Minnesota · 1876