Mutual Life Insurance v. Kroehle

The defendant gave his bond as collateral security for the payment of a mortgage for $4,000 held by plaintiff upon certain property in Hew Jersey. Upon a foreclosure of the mortgage there was a deficiency of $8,128.31, for which this action was brought. As soon as the action was begun the defendant, through a Hew Jersey attorney, addressed a letter to plaintiff offering to pay the deficiency, interest and costs, if plaintiff would convey to him the property covered by the mortgage. This offer was promptly accepted by the plaintiff, in a letter which said: “ If Mr¡ Kroehle will pay the company…