In re Fickett
Supreme Judicial Court of Maine
ON EXCEPTIONS. The opinion states the case. cited: Stat. 1878, c. 74, § 24 ; Jayeox v. Oreen, 8 N. B. B. 241; Strujper v. McKee, 17 N. B. B. 419. The bank holds for the payment of the note discounted the name of Briggs, the name of Fickett and the mortgage, Briggs to Fickett. It can proceed against either. If Fickett pays it he is substituted to the rights of the bank in the mortgage.
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ON EXCEPTIONS. The opinion states the case. cited: Stat. 1878, c. 74, § 24 ; Jayeox v. Oreen, 8 N. B. B. 241; Strujper v. McKee, 17 N. B. B. 419. The bank holds for the payment of the note discounted the name of Briggs, the name of Fickett and the mortgage, Briggs to Fickett. It can proceed against either. If Fickett pays it he is substituted to the rights of the bank in the mortgage. If his estate pays part of it by way of dividend, his assignee has claim against Briggs for same. So the value of the mortgage is not to be deducted from the claim of the bank. It is not Fickett’s mortgage. It…
1Opinion of the CourtAppleton, C. J.
On October 14, 1879, JohnB. Briggs and Jerome B. Fickett made their promissory note for ten thousand dollars, payable to their own order at the National Mahaive Bank, on demand, to be negotiated for the benefit of said Briggs. At the same time Briggs made his note for a similar amount on the same *267terms as to rate of interest and time of payment payable to said Fickett or order, and secured by a mortgage, "this mortgage and note being intended and given to indemnify said Fickett from all loss by reason of having signed for the accommodation and benefit of said Briggs” the first mentioned note,…
2Cases cited3 opinions
- Phillips v. ThompsonNew York Court of Chancery · 1817
- In re HolbrookDistrict Court, D. Massachusetts · 1873
- First National Bank of Strasburg v. Vail (In Re Vail)United States Bankruptcy Court, E.D. Pennsylvania · 1979
3Cited by3 opinions
- Catskill National Bank v. DumaryNew York Court of Appeals · 1912
- First Nat. Bank of Albany v. HamblinDistrict Court, N.D. New York · 1915
- Keene Five Cents Savings Bank v. HerrickSupreme Court of New Hampshire · 1882