McMurray v. . Noyes
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the third judicial department, affirming a judgment in favor of plaintiff, entered upon the report of a referee. This action was upon a guaranty, which is set forth in the opinion ; wherein the material facts are also stated. The delay in foreclosing the mortgage was sufficient laches to discharge the guarantee.
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Appeal from judgment of the General Term of the Supreme Court in the third judicial department, affirming a judgment in favor of plaintiff, entered upon the report of a referee. This action was upon a guaranty, which is set forth in the opinion ; wherein the material facts are also stated. The delay in foreclosing the mortgage was sufficient laches to discharge the guarantee. (Allan v. Rightman, 20 J. R., 365; Brown v. Curtiss, 2 N. Y., 225; Pain v. Packard, 13 J. R., 174; Holl v. Hadley, 2 Ad. & El., 758; Eddy v. Stantons, 21 Wend., 255, 258; Goldsmith v. Brown, 35 Barb., 484, 491; Craig v.…
1Opinion of the CourtRapallo, J.
The guaranty on which this action is brought is contained in an assignment of a bond and mortgage, and is in the following form :
“ I hereby covenant * * * that in case of foreclosure and sale of the mortgaged premises described in said mortgage, if the proceeds of such sale shall be insufficient to satisfy the same, with the costs of foreclosure, I will pay the amount of such deficiency to the said party of the second part, or its assigns, on demand.”
On the part of the appellants, it is contended that this guaranty is subject to the rules applicable to guaranties of collection, and thus…
2Cases cited2 opinions
- Craig v. . ParkisNew York Court of Appeals · 1869
- Goldsmith v. BrownNew York Supreme Court · 1861
3Cited by34 opinions
- Joe Heaston Tractor & Implement Company, a New Mexico Corporation v. Securities Acceptance Corporation, a Delaware CorporationCourt of Appeals for the Tenth Circuit · 1957
- Carroll County Savings Bank v. StrotherSupreme Court of South Carolina · 1888
- O'Connor v. Bankers Trust Co.New York Supreme Court · 1936
- Pavlantos v. GaroufalisCourt of Appeals for the Tenth Circuit · 1937
- State Bank of Burleigh County v. PorterNorth Dakota Supreme Court · 1969
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