Patch & Co. v. First National Bank
Supreme Court of Vermont
Appeal in Chancery. Heard on the pleadings and finding of facts by the Chancellor, at the September Term, 1914, Washing-ton County, Slack, Chancellor. Decree dismissing the bill with costs. The plaintiff appealed.
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Appeal in Chancery. Heard on the pleadings and finding of facts by the Chancellor, at the September Term, 1914, Washing-ton County, Slack, Chancellor. Decree dismissing the bill with costs. The plaintiff appealed. On March 10, 1911, defendant held the following described promissory notes against the then firm of Jellyman & Jones, consisting of W. J. Jellyman and S. H. Jones; a note for $200, discounted February 10,19.11; a note for $300, discounted February 13, 1911; a note for $550, discounted February 16, 1911, all of said notes being payable in thirty days, and bearing the signature of the…
1Opinion of the CourtPowers, J.
No question is made as to the right of the Bank to apply the avails of the mortgaged property to the payment of the one thousand dollar note secured by the first mortgage. It is insisted, however, that such avails could not, as against the plaintiffs, be used to pay sums representing future advances under that mortgage, for the reason that the Bank, by taking the second mortgage to secure, among others, the notes on which the plaintiffs were sureties, (a fact well known to the Bank), cut off its right, as against them, to hold such advances under the first mortgage, and put the plaintiffs in…
2Cases cited13 opinions
- Taylor v. SecorSupreme Court of the United States · 1876
- McQuiddy v. WareSupreme Court of the United States · 1874
- Coburn v. CokeSupreme Court of Alabama · 1915
- Smith v. HumphreyMichigan Supreme Court · 1870
- McDaniels v. ColvinSupreme Court of Vermont · 1844
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3Cited by8 opinions
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