Morris Canal Co. v. Emmett
New York Court of Chancery
This was an appeal from a decree of the assistant vice-chancellor of the first circuit. The bill was filed to foreclose a mortgage given by the defendants, to Eleanor Cal-lean, for a part of the purchase money of the mortgaged premises ; which mortgage was subsequently assigned by her to W. P. Rathbone, and by him to the complainants.
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This was an appeal from a decree of the assistant vice-chancellor of the first circuit. The bill was filed to foreclose a mortgage given by the defendants, to Eleanor Cal-lean, for a part of the purchase money of the mortgaged premises ; which mortgage was subsequently assigned by her to W. P. Rathbone, and by him to the complainants. The premises were described in the deed, and in the mortgage as lots No. 1, 2 and 3, on the map of the lands of J. De Lancy, bounded northerly by Water street, westerly by Walnut street, southerly by the lands of M. Rogers, and easterly by lot No. 4 ; and…
1Opinion of the Court
The Chancellor.
The assistant vice chancellor was unquestionably right in refusing to make any deduction from the amount of the bond and mortgage in this case, on account of the alleged deficiency in the premises, for a part of the purchase money of which these securities were given. The sale to Emmett was clearly a sale per aversionem,, as it was called in the Roman law : that is, for a gross sum to be paid for the whole premises, and not at a specified price by the foot or acre. In such sales the purchaser is entitled to the quantity contained within the designated boundaries of the grant,…
2Cases cited2 opinions
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