Moore v. Ware
Supreme Judicial Court of Maine
Bill in Equity, to which the respondent filed a general demurrer. The bill alleged, that on the 10th day of April, 1835, Luther Dwinel, Albert Tibbetts and Jefferson Sinclair, gave to one M. P. Norton, their six notes of hand for $10359,38, payable in one, two and three years, with annual interest; and to secure the payment thereof mortgaged to him one-half of Township No. three, in the seventh range from the easterly line of the state in the county of Penobscot.
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Bill in Equity, to which the respondent filed a general demurrer. The bill alleged, that on the 10th day of April, 1835, Luther Dwinel, Albert Tibbetts and Jefferson Sinclair, gave to one M. P. Norton, their six notes of hand for $10359,38, payable in one, two and three years, with annual interest; and to secure the payment thereof mortgaged to him one-half of Township No. three, in the seventh range from the easterly line of the state in the county of Penobscot. It further alleged, that two of said notes were paid by the makers as they became due, and that Norton, a short time after their…
1Opinion of the CourtTenney, J.
— It is the well established doctrine in equity, that the debt is the principal, and the mortgage is the accessory. “ If it should be assigned the assignee must hold the interest at the will and disposal of the creditor who holds the bond. Accessorium non ducit, sed sequitur principale.” “ The control over the mortgaged premises must essentially reside in him who holds the debt.” Jackson v. Willard, 4 Johns. 41: 2 Story’s Equity, § 1016.
*498“ The mortgagee in possession holds the estate strictly as a trustee, with the duties and obligations of a trustee.” “ He can make no gain nor profit out of…
2Cases cited3 opinions
- Jackson ex dem. Norton v. WillardNew York Supreme Court · 1809
- Parsons v. WellesMassachusetts Supreme Judicial Court · 1821
- Holridge v. GillespieNew York Court of Chancery · 1816
3Cited by3 opinions
- Wilson v. EigenbrodtSupreme Court of Minnesota · 1882
- Booker v. CrockerCourt of Appeals for the Eighth Circuit · 1904
- Collerd v. HusonNew Jersey Court of Chancery · 1881