Chamberlain v. Martin
New York Supreme Court
ACTION to redeem personal property mortgaged by the plaintiff to the defendant. The mortgage, was executed April 12, 1842, to secure the payment of a note of the same date, for $515.77, payable one day after date. The property was one jenny engine and appurtenances, and some wheels and cranks, &c.
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ACTION to redeem personal property mortgaged by the plaintiff to the defendant. The mortgage, was executed April 12, 1842, to secure the payment of a note of the same date, for $515.77, payable one day after date. The property was one jenny engine and appurtenances, and some wheels and cranks, &c. The mortgage was in the usual form, with a power to the mortgagee, in case of default in payment, to take the property and to “ sell the same,” and apply the avails in payment of the debt, after deducting all the expenses of the sale, &c. It also contained the clause, that in case Martin should at…
1Opinion of the Court
By the Court,
Marvin, J.
The legal point made by the plaintiff’s counsel is that the private sale of the property by Martin to Penfield, did not have the effect to foreclose the plaintiff’s right to redeem the property. He claims that a private sale was unauthorized by the mortgage, and that in such a case the equity of redemption can only be foreclosed upon a reasonable notice to him. That the same principle should be applied as in the case of a pledge.
The mortgagee was authorized to sell in case of default in making payment. The mode of sale is not specified. There is no limitation upon the…
2Cases cited6 opinions
- Wheeler v. . NewbouldNew York Court of Appeals · 1857
- Charter v. StevensNew York Supreme Court · 1846
- Patchin v. PierceNew York Supreme Court · 1834
- Burdick v. McVannerNew York Supreme Court · 1846
- Olcott v.Tioga Rail RoadNew York Supreme Court · 1862
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3Cited by10 opinions
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- Hall v. DitsonNew York Supreme Court · 1878
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