Spring Garden Ass'n v. Tradesmen's Loan Ass'n
Supreme Court of Pennsylvania
Error to the District Court of Philadelphia. This was a scire facias on a mortgage by The Tradesmen’s Saving Fund and Loan Association of Philadelphia against William G. Conrow. Before issue joined, The Spring Garden Loan Association appeared as terre-tenant to defend the suit, and pleaded “ payment with leave,” &e., to which the plaintiffs replied “no payment.”
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Error to the District Court of Philadelphia. This was a scire facias on a mortgage by The Tradesmen’s Saving Fund and Loan Association of Philadelphia against William G. Conrow. Before issue joined, The Spring Garden Loan Association appeared as terre-tenant to defend the suit, and pleaded “ payment with leave,” &e., to which the plaintiffs replied “no payment.” Conrow being the owner of certain premises in Parrjish street, in Philadelphia, made a mortgage on the same to the Tradesmen’s Saving Fund and Loan Association of Philadelphia, dated February 20th 1857, recorded February 25th 1857,…
1Opinion of the Court
The opinion of the court was delivered, February 25th 1864, by
Agnew, J.
This case is ruled by the decision in The North American Building Association v. Sutton, 11 Casey 463. Payments to stock are not ipso facto payment to the mortgage-debt or loan. It is true, according to former decisions, the mortgagor may apply his payments on the stock to the mortgage-debt, a license to do so being implied in the nature of these building loan transactions. The building association may also apply them by virtue of the terms of the assignment of the stock, which is taken as a collateral security. But in…
2Cited by13 opinions
- Erthal v. GlueckSuperior Court of Pennsylvania · 1899
- Sullivan & Sons Manufacturing Co. v. Ideal Building & Loan Ass'nSupreme Court of Pennsylvania · 1933
- Green v. Second Allegheny Building Ass'nSupreme Court of Pennsylvania · 1933
- McGee v. KirbySupreme Court of Oklahoma · 1941
- Hamilton Trust Co. v. HoskinsSupreme Court of Pennsylvania · 1914
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