McMurphy v. Adams
Supreme Court of New Hampshire
Bill in Equity, by the holder of a second mortgage to redeem from the holder of the first mortgage in possession. Facts found by the court. The defendant’s mortgage was originally made to secure a note for $547. After its execution the defendant’s intestate loaned the mortgagor $100 more, surrendered the note for $547 and took a new note for $647. The condition of the mortgage was changed to correspond with the new note, and it was then recorded.
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Bill in Equity, by the holder of a second mortgage to redeem from the holder of the first mortgage in possession. Facts found by the court. The defendant’s mortgage was originally made to secure a note for $547. After its execution the defendant’s intestate loaned the mortgagor $100 more, surrendered the note for $547 and took a new note for $647. The condition of the mortgage was changed to correspond with the new note, and it was then recorded. Afterwards the plaintiff took his' mortgage, which was made expressly .subject to the defendant’s mortgage for the security of the note for $647.…
1Opinion of the CourtWallace, J.
The mortgage, when the last $100 was loaned, was changed from a mortgage securing the payment of $547 to one securing the payment of $647, and was redelivered. The payment of this $100 was not a future advancement, as both the note and the mortgage, as changed, called for the payment of $647- — -the exact amount which the mortgagee had loaned the mortgagor at the time of the redelivery of the mortgage. It is urged against the mortgage that it was not acknowledged and recorded in accordance with ss. 4 and 7 of c. 121 of the Gen. Sts. It was good between the original parties to it, and against…
2Cases cited2 opinions
- Moore v. KidderSupreme Court of New Hampshire · 1875
- Adams v. RiceSupreme Court of New Hampshire · 1889
3Cited by1 opinion
- Bezanson v. Laconia Savings Bank (In re Bertholet Enterprises, Inc.)United States Bankruptcy Court, D. New Hampshire · 1987