Northern Ins. Co. v. . Wright
New York Court of Appeals
Appeal from order of the General Term of the Supreme Court, in the fourth judicial department, reversing a judgment in favor of plaintiff, entered upon the report of a referee, granting a new trial. (Reported below, 13 Hun, 166.) This action was brought upon a guaranty executed by defendant upon the assignment by him of a bond and mortgage, to recover deficiency arising on foreclosure and sale of the mortgaged premises. The facts appear sufficiently in the opinion.
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Appeal from order of the General Term of the Supreme Court, in the fourth judicial department, reversing a judgment in favor of plaintiff, entered upon the report of a referee, granting a new trial. (Reported below, 13 Hun, 166.) This action was brought upon a guaranty executed by defendant upon the assignment by him of a bond and mortgage, to recover deficiency arising on foreclosure and sale of the mortgaged premises. The facts appear sufficiently in the opinion. Defendant was bound personally by his guaranty. (Ferrin v. Merrick, 41 N. Y., 315; Marvin v. Stone, 2 Cow., 781; Pinny v.…
1Opinion of the Court
Church, Ch. J.
The guaranty was only of collection, and not of payment. It guaranteed that the property was sufficient for the payment of the amount secured by the mortgage, which was followed by the words, “ and I hereby guarantee the collection of the said mortgage.” The first part of the instrument contemplated a resort to the property in the first instance, and the closing words indicate clearly the nature of the obligation which was intended to be ' incurred. The law is well settled in this State that such a guaranty is an undertaking to pay the sum secured by the obligation, guaranteed,…
2Cases cited2 opinions
- Craig v. . ParkisNew York Court of Appeals · 1869
- Remsen v. . BeekmanNew York Court of Appeals · 1862
3Cited by11 opinions
- Newcomb v. . HaleNew York Court of Appeals · 1882
- Georgia Casualty Co. v. Dixie Trust & Security Co.Court of Appeals of Georgia · 1919
- New York City Department of Finance v. Twin Rivers, Inc.District Court, S.D. New York · 1996
- Toles v. . AdeeNew York Court of Appeals · 1883
- Bastian Brothers Co. v. BrownMichigan Supreme Court · 1940
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