Pearsall v. Kingsland
New York Court of Chancery
The complainant, in this case, was the assignee, by volunlary assignment, of all the estate of her son, Thomas Pearsall, in trust for the benefit of his creditors and of his wife and children. The property assigned included the equity of redemption of the mortgaged premises, which her son had previously mortgaged to the Globe Insurance Company for ten thousand dollars ; and which mortgage had been proceeded upon in this court to a decree of foreclosure and sale.
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The complainant, in this case, was the assignee, by volunlary assignment, of all the estate of her son, Thomas Pearsall, in trust for the benefit of his creditors and of his wife and children. The property assigned included the equity of redemption of the mortgaged premises, which her son had previously mortgaged to the Globe Insurance Company for ten thousand dollars ; and which mortgage had been proceeded upon in this court to a decree of foreclosure and sale. When about to be advertised for sale under the decree, in the month of January, one thousand eight hundred and thirty-seven, the…
1Opinion of the Court
The Vice-Chancellor:&emdash;
For all the purposes of the present motion, the bill must be ’taken as true: the defendant having put in no affidavit or answer.
With respect to the first question, which has been raised upon the argument: whether the assignee or grantee of an equity of redemption has a right to impeach the validity of the mortgage for usury and to be relieved from the payment of it, even if a doubt exists upon this point, in regard to a purchaser who should buy, subject to a mortgage, and retain in his hands the amount of the mortgage, expressly or impliedly assuming the payment of…
2Cases cited2 opinions
- Lloyd v. ScottSupreme Court of the United States · 1830
- Jackson ex dem. Skinner v. PackardNew York Supreme Court · 1831
3Cited by3 opinions
- Green v. MorseNew York Supreme Court · 1848
- Wells v. ChapmanNew York Supreme Court · 1852
- O'Neil v. ClevelandSupreme Court of New Jersey · 1878