Morgan v. Plumb
New York Supreme Court
This was an action of assumpsit, tried at the Columbia circuit in September, 1830, before the Hon. Esek Cowen, one of the circuit judges.
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This was an action of assumpsit, tried at the Columbia circuit in September, 1830, before the Hon. Esek Cowen, one of the circuit judges. The plaintiff declared on a note made by the defendants, bearing date 16th March, 1815, whereby they promised to pay the plaintiff (Anna Morgan) $350, with interest, whenever the amount due on a certain mortgage executed by Frederick Perry and Augustus Sherril to George C. Morgan, which had been assigned to the defendants, should he collected. The plaintiff averred that the amount due on the mortgage was collected by the defendants on the 10th May, 1834.…
1Opinion of the Court
*292 By the Court,
Savage, Ch. J.
The questions arising in tjjjs case are? j. Whether the foreclosure of the mortgage paid the debt secured by it; 2. Whether the plaintiff’s claim is barred by the statute of limitations ; and 3. Whether the record of the former judgment is a bar.
Upon the first question, it has been decided in this state that upon foreclosure of mortgaged premises, if they are of sufficient value, the debt is paid. If the premises are of less value, they extinguish so much of the debt as is equal to their value. This must be understood of a foreclosure, properly so called. In the…
2Cases cited2 opinions
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