Shafto v. O'Brien

This is a suit to recover a deficiency after a mortgage foreclosure, in which the original mortgagors and their assuming grantees are named as defendants. The mortgagors contend that the complainants, assignors of the mortgagee, have an adequate remedy at law against the mortgagors and that this court has no jurisdiction.

It is, of course, well settled that in the ordinary case where a mortgagor has conveyed to a grantee who assumes the mortgage, the assuming grantee in equity becomes the principal debtor and the mortgagor merely a surety.

Uptown Building and Loan Association v. Leff, 112 N.J.…