Vail v. . Foster
New York Court of Appeals
Tm plaintiffs, in 1840, sold certain lands in Stanford, Dutchess county, to Morgan, one of the defendants, for $525, of which $200 was paid down.
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Tm plaintiffs, in 1840, sold certain lands in Stanford, Dutchess county, to Morgan, one of the defendants, for $525, of which $200 was paid down. Before the deed was executed it was agreed that the plaintiffs should take the note of Flagler, another of the defendants, for the residue of the purchase money, payable in a year, and that Morgan should give to Flagler his bond secured by his mortgage on the premises for the same^sum, payable at the same time, as an indemnity against the note. The arrangement was carried into effect. The plaintiffs conveyed the land to Morgan taking no security for…
1Opinion of the Court
Bronson, Ch. J.
The case is shortly this. The plaintiffs sold land to Morgan, who, instead of giving his bond and mortgage to the plaintiffs to secure the purchase money, got Flagler to give his note to the plaintiffs for the amount, payable in one year; and Morgan gave a bond and mortgage to Flagler for his indemnity, for the same amount, and payable at the same time with the note. Before the credit expired Flagler became insolvent ; and the plaintiffs seek relief, either on the ground of an equitable lien on the land for the purchase money, or by ' reaching the mortgage to Flagler, and…
2Cases cited2 opinions
- Curtis v. TylerNew York Court of Chancery · 1842
- Bank of Auburn v. ThroopNew York Supreme Court · 1821
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- Kirkwood v. HoxieMichigan Supreme Court · 1893
- Muller v. . KlingNew York Court of Appeals · 1913
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