Biddle v. Pugh
New Jersey Court of Chancery
On bill, answer and stipulation as to the facts. This cause was heard on bill, answer and stipulation that a narration of facts submitted should be taken to be true as if proven. The bill is filed by the holders of a bond made by one Jesse S. Adams on October 7th, 1872, conditioned for the payment of $3,000, with interest, in one year from date, the payment of which was secured by a mortgage of like date, also made by Adams upon lands in the city of Burlington.
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On bill, answer and stipulation as to the facts. This cause was heard on bill, answer and stipulation that a narration of facts submitted should be taken to be true as if proven. The bill is filed by the holders of a bond made by one Jesse S. Adams on October 7th, 1872, conditioned for the payment of $3,000, with interest, in one year from date, the payment of which was secured by a mortgage of like date, also made by Adams upon lands in the city of Burlington. The mortgage was duly recorded on October 7th, 1872. On February 28th, 1876, Adams delivered a deed conveying the mortgaged premises…
1Opinion of the Court
Grey, V. C.
The equity which supports the recovery by a mortgagee of a deficiency after sale of the mortgaged premises, from a subsequent purchaser, who has covenánted with the mortgagor to pay the mortgage debt, does not arise because of any right, originally, in the mortgagee. He is allowed to go directly as a creditor against the person ultimately liable, in order to avoid circuity of action, whereby the mortgagor, if himself compelled to pay, would be forced to seek relief against the person who *482had indemnified him. The equity upon which his relief depends is the right of the mortgagor…
2Cases cited3 opinions
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3Cited by13 opinions
- Title Guaranty & Trust Co. v. BushnellTennessee Supreme Court · 1920
- Fitzgerald v. FlanaganSupreme Court of Iowa · 1912
- Baber v. . HanieSupreme Court of North Carolina · 1913
- Corkrell v. PoeWashington Supreme Court · 1918
- Copeland v. BeardSupreme Court of Alabama · 1928
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