Lifter v. Ruth Gordon Building & Loan Ass'n

Kun, J.,

Plaintiffs were the holders of a first mortgage in the amount of $8,500 against premises situated at the southwest corner of Sixty-second and Spruce Streets, Philadelphia, and the defendant association was the holder of a second mortgage secured on the same property. The first mortgage held by plaintiffs became due on February 24,1930, and, the owner of the property being unable to pay the principal sum of the first mortgage, the defendant, in order to protect its second and subordinate lien, paid to plaintiffs the sum of $2,000 on account, leaving a balance of $6,500 due.

Thereafter,…