Nickerson v. Chase

Assuming that the plaintiff in replevin held a mortgage, either legal or equitable, upon the chattels of the intestate to secure liabilities incurred for him in his lifetime, three methods of procedure were open to the mortgagee when the estate was adjudged insolvent.

I. He might foreclose his mortgage and look to his security.

II. He might prove the balance of his debt before the commissioners, after deducting the value of his security to be ascertained by the methods provided by statute. R. S., c. 66, § 7.

III. He might surrender or waive his security and prove his whole debt before the…