Ackens v. Winston
New Jersey Court of Chancery
The bill in this cause was filed to foreclose a mortgage for $2500, dated July 24th, 1865, made by Murphy and wife to. Ackens, to secure part of the jmrchase money of land in the-county of Morris, conveyed by Ackens to Murphy. The controversy grows out of the provisions of the mortgage and the bond, respecting the rate of interest and the time when interest is payable.
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The bill in this cause was filed to foreclose a mortgage for $2500, dated July 24th, 1865, made by Murphy and wife to. Ackens, to secure part of the jmrchase money of land in the-county of Morris, conveyed by Ackens to Murphy. The controversy grows out of the provisions of the mortgage and the bond, respecting the rate of interest and the time when interest is payable. The condition of tho bond is in these words : “ $2500 according to a mortgage of even date with this, lawful money aforesaid; five hundred in five years from the first of April next, and the balance in ten years from the first…
1Opinion of the Court
The Vice-Chancellor.
It clearly appears from the evidence, and was admitted on the argument, that the intention of the parties to the mortgage was that interest should be payable yearly, and at the rate of six per cent, per annum. The scrivener who drew the papers testified that he was instructed by Murphy and by Ackens to insert in them provisions to that effect, and that he thought he had done so.
It was also admitted that the defendant, "Winston, had no notice of this intention of the parties, except so far as he is chargeable with it by the record of the mortgage.
I see no difficulty as to…
2Cited by4 opinions
- Gilbert v. Pennington Trap Rock Co.New Jersey Court of Chancery · 1944
- Derechinsky v. EpsteinNew Jersey Court of Chancery · 1925
- The Pennsylvania Co. v. Broadway-Stevens Co.New Jersey Court of Chancery · 1930
- Marneil Realty Corp. v. Twin Brook Realty Corp.New Jersey Court of Chancery · 1935