Stafford v. Jones Bros.
Supreme Court of North Carolina
Civil Action to foreclose a mortgage, heard at July Special Term, 1884, of Guilford Superior Court, before Graves, J. The suit was brought by R'. M. Stafford and W. M. Houston, administrators of Seymour Steele, against Jones Brothers and Manfred Call, to foreclose a mortgage, of which the following is a copy : Whereas, Seymour Steele has become the security for the payment of the sum of five thousand dollars to the National Bank of Greensboro upon a certain promissory note…
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Civil Action to foreclose a mortgage, heard at July Special Term, 1884, of Guilford Superior Court, before Graves, J. The suit was brought by R'. M. Stafford and W. M. Houston, administrators of Seymour Steele, against Jones Brothers and Manfred Call, to foreclose a mortgage, of which the following is a copy : Whereas, Seymour Steele has become the security for the payment of the sum of five thousand dollars to the National Bank of Greensboro upon a certain promissory note dated the 1st day of June, 1876, and payable twelve months after date, signed by Jones Brothers as principal and the said…
1Opinion of the CourtMerrijion, J.
The single question presented for' our decision is, whether or not the plaintiffs are entitled to be indemnified under the mortgage before us, as to the interest that has accrued, or may yet accrue, upon the debt of $5,000 due to the National Bank of Greensboro, therein mentioned? We are of the opinion., that under a proper construction of the mortgage, they are so entitled.
It is manifest that the general and leading purpose of the mortgage, as it appears by the stipulations and qualifications contained in it, was to indemnify the intestate of the plaintiff against all loss incident to his…
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