City of San Francisco v. Lawton
California Supreme Court
Appeal from the Fourth District. This was an action brought by thé City and County of San Francisco to foreclose a mortgage given to secure a promissory note in the words and figures following: “ $20,000. Saw Francisco, Dec. 22d, 1854. “ For value received, I promise to pay to the Mayor, Controller, and Treasurer of the City of San Francisco, one year from date, the sum of twenty thousand dollars, and to pay interest thereon monthly in advance, on the twenty-second day of…
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Appeal from the Fourth District. This was an action brought by thé City and County of San Francisco to foreclose a mortgage given to secure a promissory note in the words and figures following: “ $20,000. Saw Francisco, Dec. 22d, 1854. “ For value received, I promise to pay to the Mayor, Controller, and Treasurer of the City of San Francisco, one year from date, the sum of twenty thousand dollars, and to pay interest thereon monthly in advance, on the twenty-second day of each and every month, at the rate of two per centum per month till paid; upon each and every failure to pay interest…
1Opinion of the CourtField, C. J.
Cope, J. concurring.
The object of the suit to foreclose a mortgage, under our law, is to obtain the sale of the estate which the mortgagor held at the time he executed the mortgage, and the application of the proceeds of the sale to the payment of the demand, for the security of which the mortgage was given. All persons who are beneficially interested, either in the estate mortgaged or the demand secured, are proper parties to the suit. This rule, as a general thing, will only embrace the mortgagor and mortgagee, and those who have acquired rights or interests under them. Where prior…
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