Mutual National Bank v. Regan

The opinion of the Court was delivered by

Fenner, J.

On the 16th of July, 1884, James Regan executed a mortgage on immovable property in this city in favor of Charles P. McCan, for $86,000, represented by two series of notes drawn by Regan to his own order and by him endorsed, viz: 1st. Three notes for $5500 each, payable one year after date*. 2d. Three other notes for $6500 each, payable two years after date, all bearing interest only after maturity. The act contained a stipulation giving a preference and priority of mortgage in favor of the first over the second series of notes.

McCan became…