Shotwell v. Smith
New York Court of Chancery
Motion for a receiver in a foreclosure suit, The mortgage was for twelve thousand dollars, secured on two ]10Uses an(j j0ts • anc[ the interest had been in arrear since the month of March last. In support of the motion, the complainant showed that the mortgagor had become insolvent; and that, if the premises were to be sold, they would not produce above nine thousand dollars or ten thousand dollars and which would be insufficient to satisfy his claim.
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Motion for a receiver in a foreclosure suit, The mortgage was for twelve thousand dollars, secured on two ]10Uses an(j j0ts • anc[ the interest had been in arrear since the month of March last. In support of the motion, the complainant showed that the mortgagor had become insolvent; and that, if the premises were to be sold, they would not produce above nine thousand dollars or ten thousand dollars and which would be insufficient to satisfy his claim. On the part of the defendant, it appeared (from his affidavit) that the property, with improvements, had cost him the sum of eighteen thousand…
1Opinion of the Court
The Vice-Chancellor :
This case is to be governed by the usual rule that when premises are an inadequate security and the mortgagor is insolvent, a receiver will be allowed; and if the present case rested solely on the affidavits, produced by the complainant, the court would here appoint a receiver. But opposing affidavits show also the value ; and two of these are made by persons presumed to be competent judges of real estate, namely, assessors appointed to value city property for the purposes of taxation.
I consider, however, the best criterion of the value of property in the city of New York…
2Cited by5 opinions
- Brick v. HornbeckNew York Supreme Court · 1897
- Sage v. MendelsonNew York Supreme Court · 1903
- Bryson v. JamesThe Superior Court of New York City · 1888
- Cortleyeu v. HathawayNew Jersey Court of Chancery · 1855
- Morrison v. BucknerU.S. Circuit Court for the District of Arkansas · 1843