Cornell v. Prescott
New York Supreme Court
In Equity. These were appeals from decrees made by the vice chancellor of the third circuit. Jacob D. Lansing, on the 6th of March, 1832, executed his bond and a mortgage upon certain premises in Troy, to William James, to secure $8000 and interest, payable in four years. On the 12th of March, 1836, Lansing sold to Latham Cornell and Prescott, defendants in the first of these causes, a part of the mortgaged premises.
Read the full summary
In Equity. These were appeals from decrees made by the vice chancellor of the third circuit. Jacob D. Lansing, on the 6th of March, 1832, executed his bond and a mortgage upon certain premises in Troy, to William James, to secure $8000 and interest, payable in four years. On the 12th of March, 1836, Lansing sold to Latham Cornell and Prescott, defendants in the first of these causes, a part of the mortgaged premises. The purchasers assumed the payment of the bond and mortgage to James, as a part of the purchase money, and executed to Lansing a bond to indemnify him against his liability to…
1Opinion of the CourtHarris, J.
I think the defendant Prescott has not succeeded in showing that the plaintiff, in the first suit, is a mere nominal party, holding the assignment of the James mortgage for the benefit of Latham Cornell. But in the view I have taken of the case it is of no importance whether William W. Cornell or Latham Cornell is to be regarded as the party beneficially interested in the mortgage. When Prescott and Cornell purchased the mortgaged premises of Lansing, and assumed the payment of the mortgage as a part of the purchase money, they became, in equity, the principal debtors ; and although Lansing…
2Cases cited1 opinion
- Marsh v. PikeNew York Court of Chancery · 1844
3Cited by7 opinions
- Josselyn v. EdwardsIndiana Supreme Court · 1877
- Russell v. . PistorNew York Court of Appeals · 1852
- Durham v. CraigIndiana Supreme Court · 1881
- Neely v. BlackSupreme Court of Arkansas · 1906
- Horner v. Kentucky High School Athletic AssociationCourt of Appeals for the Second Circuit · 1995
2 more not listed; retrieve them via the Exa API.