Halstead v. Swartz
New York Supreme Court
Oh the 10th of May, 1869, the appellant sold to the-respondent the canal-boat, “Caddie Roberts,” for $1,000, payable as follows: One hundred dollars on the 1st day of September, 1869; $100 on the 1st day of October, 1869; $100 on the first of November and $100 on the first of December of the same year, and the residue in six monthly payments, commencing on the 1st day of June, 1870. Notes were given for these sums, payable as above stated ; and to secure these notes the…
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Oh the 10th of May, 1869, the appellant sold to the-respondent the canal-boat, “Caddie Roberts,” for $1,000, payable as follows: One hundred dollars on the 1st day of September, 1869; $100 on the 1st day of October, 1869; $100 on the first of November and $100 on the first of December of the same year, and the residue in six monthly payments, commencing on the 1st day of June, 1870. Notes were given for these sums, payable as above stated ; and to secure these notes the respondent gave to the appellant a mortgage on said canal-boat and other property, conditioned that if said respondent…
1Opinion of the Court
By the Court, Mullin, P. J.
On default being made in the payment of the debt which a chattel mortgage is given to secure, the mortgagee’s title to the mortgaged property becomes, eo mstanti, absolute at law (Falman agt. Smith, 39 Barb., 390; Butler agt. Miller, 1 N. Y., 496; Fay agt. Burnes, 12 Barb., 677; Brown agt. Bement, 8 J. R., 96 ; Patchin agt. Pierce, 12 Wend., 61). The only right that remains to the mortgagor, after default in payment, is that of redemption, and this right may be barred by a sale of the property at public auction or private sale, without notice (Ballou agt.…
2Cases cited7 opinions
- Kortright v. . CadyNew York Court of Appeals · 1860
- Patchin v. PierceNew York Supreme Court · 1834
- Butler & Vosburgh v. MillerNew York Court of Appeals · 1848
- Fox v. BurnsNew York Supreme Court · 1852
- Talman v. SmithNew York Supreme Court · 1863
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Baumann v. CornezNew York Court of Common Pleas · 1890
- Abramson v. PattsCity of New York Municipal Court · 1910
- Leadbetter v. N. H. Leadbetter, Ltd.New York Supreme Court · 1890