Vanderkemp v. Shelton
New York Court of Chancery
This was an appeal, by the defendants, A. C. Stevens, and Sherman Stevens, president of the Merchants’ Exchange Bank of Buffalo, from an order of the vice chancellor of the eighth circuit. On the 13th of October, 1835, J. D, Hoyt conveyed lot No. 96 of the state survey, of the mile strip reservation in the town of Buffalo, containing about 300 acres, to Kingman and Welty; and he took back from them a mortgage, of $7500, to secure the payment of the purchase money.
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This was an appeal, by the defendants, A. C. Stevens, and Sherman Stevens, president of the Merchants’ Exchange Bank of Buffalo, from an order of the vice chancellor of the eighth circuit. On the 13th of October, 1835, J. D, Hoyt conveyed lot No. 96 of the state survey, of the mile strip reservation in the town of Buffalo, containing about 300 acres, to Kingman and Welty; and he took back from them a mortgage, of $7500, to secure the payment of the purchase money. On the same day, Kingman and Welty conveyed the premises to the defendants Smith and Shelton. And these grantees, on the same day,…
1Opinion of the Court
The Chancellor.
The sale under the decree, in the foreclosure suit, brought by Hoyt upon the first mortgage, was wholly inoperative as to the rights of the assignees of the bond and mortgage executed by Shelton and Smith, which assignees were not parties to that suit. The only right therefore, which A. C. .Stevens acquired under that sale, as against such assignees, was the right to the prior lien upon the premises to the extent of the money due and unpaid upon Hoyt’s mortgage; in the same manner as if Hoyt had assigned that mortgage to him without foreclosure. But as against Shelton and…
2Cases cited1 opinion
- James v. MoreyCourt for the Trial of Impeachments and Correction of Errors · 1823
3Cited by51 opinions
- Calvo v. . DaviesNew York Court of Appeals · 1878
- Compton v. JesupCourt of Appeals for the Sixth Circuit · 1895
- Lovelace v. WebbSupreme Court of Alabama · 1878
- Shepherd v. PepperSupreme Court of the United States · 1890
- Decker v. . BoiceNew York Court of Appeals · 1880
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