American Insurance v. Oakley
New York Court of Chancery
This was an appeal by the Seneca County Bank from a decision of the vice chancellor of the first circuit, denying the appellants’ application for a resale of premises which had been sold under a decree of foreclosure. The mortgaged premises originally belonged to the defendant Oakley, who mortgaged the same to the complainants to secure a loan of $18,000 with interest.
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This was an appeal by the Seneca County Bank from a decision of the vice chancellor of the first circuit, denying the appellants’ application for a resale of premises which had been sold under a decree of foreclosure. The mortgaged premises originally belonged to the defendant Oakley, who mortgaged the same to the complainants to secure a loan of $18,000 with interest. The foreclosure suit was commenced in July, 1839, and a decree was obtained therein in April, 1841. Pending the suit the appellants, who were not parties to the bill, recovered a judgment of about $12,000 against Oakley, which…
1Opinion of the Court
The Chancellor.
The purchaser in this case unquestionably bought the premises in good faith, and is there*261fore entitled to be protected from loss if a resale is directed. And if the premises had been put up and sold in parcels, I think it is not a case in which the court ought to have interfered with the sale ; although the property was only sold for about two-thirds of its supposed value. This court does not usually interfere by directing a resale, for the benefit of the parties interested in the proceeds of a master’s sale of real estate, to protect them against the consequences of their own…
2Cited by31 opinions
- Mahone v. WilliamsSupreme Court of Alabama · 1863
- Johnson v. DorseyCourt of Appeals of Maryland · 1848
- Lawyers' Co-operative Publishing Co. v. BennettSupreme Court of Florida · 1894
- Cohen v. WagnerCourt of Appeals of Maryland · 1847
- Kellogg v. HowellNew York Supreme Court · 1872
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