Globe Insurance v. Lansing
New York Supreme Court
On demurrer to the plaintiff’s replication. The declaration was in debt on bond; to which the defendant pleaded, that the bond was executed concurrently with, and as collateral security to a mortgage; that the mortgage was foreclosed in chancery; and the mortgaged premises sold, whereby the debt, was satisfied and the plaintiff replied that the premises did not sell for sufficient to satisfy the bond and mortgage ; and showed that more than $4000 were unpaid by the sale or…
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On demurrer to the plaintiff’s replication. The declaration was in debt on bond; to which the defendant pleaded, that the bond was executed concurrently with, and as collateral security to a mortgage; that the mortgage was foreclosed in chancery; and the mortgaged premises sold, whereby the debt, was satisfied and the plaintiff replied that the premises did not sell for sufficient to satisfy the bond and mortgage ; and showed that more than $4000 were unpaid by the sale or otherwise, General demurrer and joinder. J. Lansing, junior, in support of the demurrer, said the question was, whether…
1Opinion of the Court
Curia, per Savage, Ch. J.
The question presented is, whether a foreclosure and sale of the premises mortgaged as a collateral security, is an extinguishment of the debt .due on the bond. It most clearly is not, any further than to the extent of the money produced by the sale of the mortgaged premises. In the case of Dunkley v. Van Buren, (3 John. Ch. Rep. 331,) the late chancellor Kent says, 11 It seems to be generally admitted in the books, that the mortgagee may proceed at law on his bond or covenant, at the same time that he is prosecuting on his mortgage in chancery ; and that after…
2Cases cited2 opinions
- Amory v. FairbanksMassachusetts Supreme Judicial Court · 1793
- Hatch v. WhiteU.S. Circuit Court for the District of New Hampshire · 1814
3Cited by6 opinions
- Frank v. . DavisNew York Court of Appeals · 1892
- Selma & Tennessee Rail Road v. TiptonSupreme Court of Alabama · 1843
- Snyder v. BlairNew Jersey Court of Chancery · 1880
- Baader v. MascellinoNew Jersey Court of Chancery · 1933
- Bliss v. WeilWisconsin Supreme Court · 1861
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