Raymond v. Smith
Supreme Court of Connecticut
This was a bill in chancery to redeem mortgaged premises, and for an account of rents and profits. The bill stated the following case.
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This was a bill in chancery to redeem mortgaged premises, and for an account of rents and profits. The bill stated the following case. On the 26th of December, 1818, the plaintiff, being indebted to Joseph Smith, in the sum of 904 dollars, 34 cents, in pursuance of an agreement between them, made his promissory note for that amount, payable to Stephen Smith, a son of Joseph, on demand, with interest; and to secure the payment of such note, mortgaged to Stephen three pieces of land in New-Canaan. On the 1st of October, 1821, Stephen Smith brought an action of ejectment against the plaintiff…
1Opinion of the CourtPeters, J.
Three questions arise in this case, 1. Was the plaintiff’s release of his equity of redemption, an absolute deed, or an escrow ? 2. Was parol evidence admissible to prove the agreement relative to this instrument, or the prolongation thereof? 3. Was a consideration essential to the validity of this agreement?
1. An escrow is a deed delivered to a third person, upon a future condition to be performed by either party. It must be delivered to a stranger, and the condition mentioned. Jacob's L. Dict. verb. Escrow. 2 Roll. Abr. 25. tit. Faits. M. Shep. Touch 59. Bushell v. Passmore, 6 Mod. 217. If…
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