Brooks v. Lester
Court of Appeals of Maryland
Appeal from the Circuit Court of Baltimore- City. On the 4th of December, 1869, John Glenn executed an agreement to lease certain property in the city of Baltimore to- George .Spreekelmyer; and on the same day Spreekelm.yer mortgaged said property to Glenn to secure the sun; of $12,000, the same to be advanced as certain buildings to be erected on the property progressed.
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Appeal from the Circuit Court of Baltimore- City. On the 4th of December, 1869, John Glenn executed an agreement to lease certain property in the city of Baltimore to- George .Spreekelmyer; and on the same day Spreekelm.yer mortgaged said property to Glenn to secure the sun; of $12,000, the same to be advanced as certain buildings to be erected on the property progressed. On the 6th of December, 1869, Spreekelmyer executed a mortgage of the same property to the appellant to Secure the payment of a sum of money, not to exceed $3,600 for buildin'g materials to be furnished as required by the…
1Opinion of the CourtMiller, J.
Objection has been made to the validity of the mortgage to the appellant on the ground that the sum (not exceeding $3,600) thereby agreed to be advanced for the erection of the houses, was not to be in money, but in building materials. Where the amount which it is intended to secure is expressed in the mortgage, as required by the Code, (Art. 64, sec. 2,) it is valid, though designed to secure future advances to that extent. Mortgages, or ‘ deeds in the nature of mortgages, to secure future loans or advances, if bona fide made, have always been sanctioned by the Common Law, and if…
2Cases cited2 opinions
- Pennock v. HooverSupreme Court of Pennsylvania · 1835
- Wilson v. RussellCourt of Appeals of Maryland · 1859
3Cited by34 opinions
- Tapia v. DemartiniCalifornia Supreme Court · 1888
- Kelly v. RosenstockCourt of Appeals of Maryland · 1876
- Prince George's County v. Sunrise Development Ltd. PartnershipCourt of Appeals of Maryland · 1993
- Rupp v. Earl H. Cline & Sons, Inc.Court of Appeals of Maryland · 1963
- Commonwealth v. AtlasMassachusetts Supreme Judicial Court · 1923
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