Reynolds v. Webster
New York Supreme Court
Appeal from special term. Action by Frank B. Reynolds and others against John A. Webster and others to foreclose a mortgage executed by one Covell to secure future advances, in which defendant Webster set up a prior mortgage given by Covell to secure the unpaid purchase money of the same premises, but which was not recorded until after plaintiffs recorded theirs.
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Appeal from special term. Action by Frank B. Reynolds and others against John A. Webster and others to foreclose a mortgage executed by one Covell to secure future advances, in which defendant Webster set up a prior mortgage given by Covell to secure the unpaid purchase money of the same premises, but which was not recorded until after plaintiffs recorded theirs. From a judgment for plaintiffs as to all sums advanced by them without notice of the prior mortgage, defendants appeal.
1Opinion of the CourtParker, J.
The defendant Webster, by his conveyance to Covell, transferred all his title and estate in the premises, and, upon receiving back the mortgage for a part of the purchase price, he acquired only a l'ien thereon to that amount. Bryan v. Butts, 27 Barb. 503; Trustees v. Wheeler, 61 N. Y. 88. He then stood in the position of an ordinary mortgagee for value, having transferred both title and possession to Covell. The case cited from 59 N. Y. 541, (Dusenbury v. Hulbert,) does not hold any different rule. Such case merely decides that intermediate the receipt of the title by Covell and the delivery…
2Cases cited5 opinions
- Trustees of Union College v. WheelerNew York Court of Appeals · 1874
- Ackerman v. . HunsickerNew York Court of Appeals · 1881
- Dusenbury v. . HulbertNew York Court of Appeals · 1875
- Farr v. . NicholsNew York Court of Appeals · 1892
- Bryan v. ButtsNew York Supreme Court · 1858
3Cited by2 opinions
- Union National Bank v. Moline, Milburn & Stoddard Co.North Dakota Supreme Court · 1897
- Schmidt v. ZahrndtIndiana Supreme Court · 1897