Clark v. Levering
High Court of Chancery of Maryland
[In February, 1846, Pearson Clark, the complainant, purchased of William Applegarth, a schooner, called the “Emily Ann,” for the sum of $2100, and gave in payment, an old vessel valued at $500, and three drafts in favor of the vendor, drawn by said Clark, and accepted by the firm of Whittington & Snyder for his accommodation.
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[In February, 1846, Pearson Clark, the complainant, purchased of William Applegarth, a schooner, called the “Emily Ann,” for the sum of $2100, and gave in payment, an old vessel valued at $500, and three drafts in favor of the vendor, drawn by said Clark, and accepted by the firm of Whittington & Snyder for his accommodation. To indemnify the said firm against any loss by reason of their acceptances, the schooner was conveyed to them by a bill of sale from Applegarth, with the understanding that they were to convey it to Clark, on payment of the draft by him. Clark failed to make any payments…
1Opinion of the Court
The Chancellor:
There can be no doubt, that the bill of sale, though absolute in its terms, is in this court to be considered as a mortgage; the object being to secure the payment of a debt, and not to transfer the title absolutely to the parties to whom the convey- ' anee was made. Hicks vs. Hicks, 5 G. & J., 75; Dougherty vs. McColgan, 6 ibid., 275.
And it seems to me there can be as little doubt, that the debt intended to be secured, was that due the vendor of the vessel, and for which the bills were given ; and that the holders *180of those bills must consequently, in a court of equity, be…
2Cases cited2 opinions
- Hicks v. HicksCourt of Appeals of Maryland · 1832
- Pratt v. Vanwyck's Ex'rsCourt of Appeals of Maryland · 1834