Mutual Life Insurance v. Newton
Supreme Court of New Jersey
On motion to strike out plea. The declaration is upon a bond for $8000, made by the defendant to the plaintiffs. It states that this bond was accompanied by a mortgage, made by the defendant upon certain lands of his, to the plaintiffs, to secure the sum mentioned in said bond. That upon the foreclosure of this mortgage a sum was realized, which was applied to the payment of the said $8000, leaving a balance of $3877.53 still due.
Read the full summary
On motion to strike out plea. The declaration is upon a bond for $8000, made by the defendant to the plaintiffs. It states that this bond was accompanied by a mortgage, made by the defendant upon certain lands of his, to the plaintiffs, to secure the sum mentioned in said bond. That upon the foreclosure of this mortgage a sum was realized, which was applied to the payment of the said $8000, leaving a balance of $3877.53 still due. The defendant filed a plea, setting up that the sum of $3877.53 is the amount of a deficiency declared and decreed by the Court of Chancery as still due and owing…
1Opinion of the Court
*572The opinion of the court was delivered by
Reed, J.
The motion to strike out the plea raises the question, whether a party who has taken a personal decree in equity for a deficiency in the amount raised on the foreclosure of a mortgage, can afterwards bring an action at law upon the accompanying bond.
The view of the pleader was that the recovery, by way of a decree under the statute, was a bar against any other action upon the original cause of action. The notion of the plaintiffs’ counsel is, that a decree is not a judgment in a sense that implies a merger of the original cause of action, and…
2Cases cited9 opinions
- Hopkins v. LeeSupreme Court of the United States · 1821
- Foster v. Richard BusteedMassachusetts Supreme Judicial Court · 1868
- Pennington v. GibsonSupreme Court of the United States · 1854
- Coit v. TracySupreme Court of Connecticut · 1830
- Post v. NeafieNew York Supreme Court · 1805
4 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- DeVall v. DeVallOregon Supreme Court · 1910
- Brown v. FletcherCourt of Appeals for the Sixth Circuit · 1910
- Sacks v. SteckerCourt of Appeals for the Second Circuit · 1932
- Du Bois v. SeymourCourt of Appeals for the Third Circuit · 1907
- Stewart v. WhiteSupreme Court of New Jersey · 1937
3 more not listed; retrieve them via the Exa API.