Russell v. . Pistor
New York Court of Appeals
Appeal from the general term of the Supreme Court, in the third district,' where a decree of the late vice-chancellor of the second circuit, in a foreclosure suit, had been reversed.
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Appeal from the general term of the Supreme Court, in the third district,' where a decree of the late vice-chancellor of the second circuit, in a foreclosure suit, had been reversed. This was a suit in equity, commenced in the court of chancery, for the foreclosure of a mortgage, dated the 1st August 1830, given by John Neely to the New York Life Insurance and Trust Company, to secure the payment of the sum of $750, which covered certain lands in Twaalfskill, in Ulster county. On the 13th April 1836, John Neely, the mortgagor, sold and conveyed to William Burnett, a part of the mortgaged…
1Opinion of the CourtWelles, J.
It is a general principle, that where the owner of land mortgages it to secure the payment of a debt, and afterwards sells the equity of redemption, subject to the lien of the mortgage, and the purchaser assumes the payment of the ^mortgage, as a portion of the purchase-money, the latter be- *- comes personally liable for the payment of the debt o‘ the former, to the holder of the mortgage, in the firs* instance; and if the mortgagor be compelled to pay it, he can recover it from the purchaser of the equity of redemption. In such case, the mortgagor and purchaser stand in the relation of…
2Cases cited4 opinions
- Halsey v. ReedNew York Court of Chancery · 1842
- Ferris v. CrawfordNew York Supreme Court · 1845
- Cornell v. PrescottNew York Supreme Court · 1847
- Blyer v. MonhollandNew York Court of Chancery · 1845
3Cited by20 opinions
- Granger v. RollSouth Dakota Supreme Court · 1895
- Figart v. HaldermanIndiana Supreme Court · 1881
- Durham v. CraigIndiana Supreme Court · 1881
- Slauson v. . WatkinsNew York Court of Appeals · 1881
- Woodruff v. . GermanskyNew York Court of Appeals · 1922
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