Gordon v. Ware Savings Bank
Massachusetts Supreme Judicial Court
Bill in equity by the holder of a second mortgage on a parcel of land in the town of Ware against the Ware Savings Bank, to whom the land had previously been conveyed in mortgage, and Daniel Holden, the owner of the equity of redemption.
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Bill in equity by the holder of a second mortgage on a parcel of land in the town of Ware against the Ware Savings Bank, to whom the land had previously been conveyed in mortgage, and Daniel Holden, the owner of the equity of redemption. The bill alleged that the sum of $780 dollars had been paid to the principal defendant by an insurance company in payment of a loss by fire of buildings on the land, and that this sum had been indorsed by the defendant corporation on the note secured by the mortgage to said corporation; that the lot of land had been sold by the corporation under a power in…
1Opinion of the CourtWells, J.
The plaintiff, by virtue of his second mortgage, acquired no right to, or interest in the policy of insurance. His bill in equity must be maintained, if at all, upon one of two grounds; 1st, that the receipt of $500 by the defendant operated as an absolute payment, pro tanto, of the debt secured by the first mortgage; or, 2d, that in equity the money received from insurance ought to be appropriated for the relief of the second mortgage. We are of opinion that the bill is maintainable upon neither ground.
1. The insurance was for indemnity to the mortgagor as well as to the mortgagee. To the…
2Cited by16 opinions
- Dixon v. DukeIndiana Supreme Court · 1882
- Barrell v. BrittonMassachusetts Supreme Judicial Court · 1925
- Fergus v. WilmarthIllinois Supreme Court · 1886
- Sisk v. RapuanoSupreme Court of Connecticut · 1920
- Woody v. Lytton Savings & Loan Assn.California Court of Appeal · 1964
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